726 LAWS OF MARYLAND [CH. 392

discretion, not to exceed [twenty-five thousand dollars
($25,000.00)] Fifty Thousand Dollars ($50,000.00) on the
faith and credit of the town and to issue bonds or promis-
sory notes therefor which shall become [general] direct
obligations of the municipality.

The Mayor and Common Council shall by ordinance pre-
scribe the form and tenor of such bonds or notes, the rate
of interest, not exceeding four per cent (4%), which may
be paid thereon, the date or dates of issuance and the time
and place at which the interest and principal of the bonds
or notes shall be paid.

All bonds issued hereunder shall be upon the serial
annuity plan and shall mature and become payable within
fifteen years from the date of issuance. The bonds or
notes issued hereunder shall be signed by the Mayor and
Clerk of the Town of Riverdale, and shall have affixed
thereto the corporate seal of the municipality, and the
interest coupons on any bonds shall be signed by the Clerk
of the Mayor and Common Council of Riverdale or a fac-
simile of his signature shall be stamped, printed or en-
graved thereon.

The principal amount of said bonds or notes and every
part thereof and the interest payable thereon shall be
exempt from State, county and municipal taxation.

SEC. 2. And be it further enacted, That the proceeds
from said bonds or notes shall first be used to pay the cost
of printing and other outlays connected with the issuance
of said bonds or notes, and the entire balance of the pro-
ceeds, together with any premium or interest that may be
received thereon, shall be deposited by the Town Treasurer
in an authorized bank and accounted for as a separate
fund to be withdrawn only upon the order of the Mayor
and Common Council of Riverdale solely for purposes
authorized by this Act.

SEC. 3. And be it further enacted, That in order to co-
operate in the development of a comprehensive system of
storm water drainage that may be undertaken by any
governmental agency having jurisdiction over the subject,
the Mayor and Common Council of Riverdale shall have
authority to authorize the construction of such street, road
or bridge improvements or alterations or changes therein
as may be necessary to the making of such improvement,
either by town labor or by public contract, or the Mayor
and Common Council of Riverdale may enter into written