THEODORE R. MCKELDIN, GOVERNOR 37

Sinking Fund set up by the Utilities Commission of the
town of St. Michaels and providing for the use of any
excess in said Fund.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Sections 489A and 489B of Article 21 of the
Code of Public Local Laws of Maryland (1930 Edition),
title "Talbot County", sub-title "St. Michaels", sub-heading
"Utilities Commission", as said section was amended by
Chapter 598 of the Acts of 1945, be and they are hereby
repealed and re-enacted with amendments, to read as fol-
lows:

489A. The Utilities Commission is hereby authorized
and directed to set up a Sinking Fund of [Sixty Thousand
($60, 000. 00)] Forty Thousand Dollars ($40, 000. 00) from
[cash now on deposit, ] securities now held by it or the Com-
missioners of St. Michaels, to be known as a fund for elec-
tric utility purposes only and to be invested by the Com-
missioners of St. Michaels in United States or State of
Maryland [Registered Bonds] Bonds and Securities. None
of the principal of this Sinking Fund shall be expended or
used for any purpose without the consent of the Commis-
sioners of St. Michaels and the St. Michaels Utilities Com-
mission. The income from the principal of this Sinking
Fund shall be transferred and credited to the St. Michaels
Improvement Fund, as provided for in Section 489B. If,
at any time, the principal amount of the Sinking Fund
shall be used for any purpose which shall reduce it to an
amount under [Sixty Thousand Dollars ($60, 000. 00)]
Forty Thousand Dollars ($40, 000. 00), profits of the St.
Michaels Utilities Commission shall be added to it until
it again reaches [Sixty Thousand Dollars ($60, 000. 00)]
Forty Thousand Dollars ($40, 000. 00). All bonds or other
securities now held by Commissioners of St. Michaels for
or on account of said Utilities Commission in excess of
Forty Thousand Dollars ($40, 000. 00) in bonds or other
securities to be used in setting up the Sinking Fund herein
provided for, shall forthwith be transferred to the Commis-
sioners of St. Michaels and the proceeds of sale or redemp-
tion thereof used for the construction or extension of the
St. Michaels sewerage system.

489B. The Utilities Commission and Commissioners of
St. Michaels [is] are hereby authorized and directed to
create a fund of [Twenty Thousand Dollars ($20, 000. 00)]
not more than Fifty Thousand Dollars ($50, 000. 00), from
cash now on deposit, or other bonds or securities, to be