THEODORE R. MCKELDIN, GOVERNOR 525

that in the event the proceeds from the taxes levied in
any year shall be insufficient to meet the interest and
principal of all bonds maturing in that fiscal year, addi-
tional taxes shall be levied in the next fiscal year to
make up such deficiency; and making this Act subject
to a referendum.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That for the purpose of providing funds for the acquisi-
tion, construction, design and establishment of a sanitary
sewerage system and sewage treatment disposal plant,
lands, easements, improvements and including the
machines, tanks, devices, pipe and all the mechanical, elec-
trical and chemical equipment and supplies and all other
property necessary therefor, and all other expenses inci-
dental thereto, either within or outside the corporate
limits of the town of Taneytown, Carroll County, in the
State of Maryland, a municipal body corporate of the
State of Maryland, under its corporate name of The
Mayor and City Council of Taneytown the said the Mayor
and City Council of Taneytown be and it is hereby author-
ized and empowered to borrow from time to time a sum
or sums of money not exceeding in the aggregate the
total of Five Hundred Thousand Dollars ($500, 000. 00),
upon the faith and credit of the said municipality The
Mayor and City Council of Taneytown, and to issue and
sell serial bonds therefor, which said bonds shall be known
and denominated as "Taneytown Sewer Bonds. "

SEC. 2. And be it further enacted, That the said bonds
to be issued from time to time under this Act shall be
either registered or coupon bonds, issued in such denomi-
nations as shall be determined by the said The Mayor and
City Council of Taneytown by ordinance, shall bear inter-
est at a rate not exceeding four per centum (4%) per
annum, payable semi-annually, shall all be of the serial
type bonds, and shall mature in not exceeding forty years
from the date of issue and shall be forever exempt from
State, County and Municipal taxation, in the State of
Maryland.

The said bonds shall be signed by the Mayor of Taney-
town or the President of the Council of Taneytown, with
the seal of Taneytown attached thereto, attested by the
Clerk of Taneytown, or a facsimile of his signature shall
be stamped, printed or engraved thereon.

Said bonds when signed and attested as heretofore
directed shall be delivered for safekeeping to the Clerk
of Taneytown, and the bond of said Clerk of Taneytown