130 LAWS OF MARYLAND. [CH. 77

taxes for the payment of said bonds and the interest
thereon.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Burgess and Commissioners of Em-
mitsburg, be and they are hereby authorized and empow-
ered to issue bonds in the name of the Burgess and Com-
missioners of Emmitsburg, in the sum of not less than
five hundred dollars nor more than one thousand dollars,
to be signed by the Burgess and Commissioners of Em-
mitsburg, not exceeding in the whole the sum of ten thou-
sand dollars, bearing interest at the rate of not exceeding
four and one-half per centum per annum, and dated the
day of issue, said bonds to be exempt from county and
municipal taxation.

SEC. 2. And be it further enacted, That the said bonds
shall be issued payable twenty years from the date thereof,
and redeemable at any time after the expiration of five
years from the date thereof, at the pleasure of the Bur-
gess and Commissioners of Emmitsburg in sums of not
less than five hundred dollars at any one time, and the said
bonds shall be consecutively numbered as the same shall be
issued; and the said Burgess and Commissioners of Em-
mitsburg are hereby authorized and directed to sell said
bonds for cash, at not less than the par value thereof.

SEC. 3. And be it further enacted, That the money
raised by the issue and sale of said bonds under the provi-
sions of this Act, shall be exclusively appropriated and ap-
plied for "the general improvement, fire protection, con-
struction of sewerage disposal plant, improvement of
streets, alleys and cross roads in the Town of Emmitsburg. "

SEC. 4. And be it further enacted, That the said Bur-
gess and Commissioners of Emmitsburg be and they are
hereby authorized and empowered and required in each and
every year to levy and collect a special tax, not exceeding
fifteen cents on every one hundred dollars worth of tax-
able property of all kinds and description within the cor-
porate limits of the Town of Emmitsburg, to pay the
interest on the outstanding bonds issued by them under
the provisions of this Act, as the same shall fall due, and
to gradually redeem and retire such bonds until all shall
have been redeemed and retired; and the proceeds of such
tax shall be collected by the Burgess and Commissioners
of Emmitsburg as the other taxes of said town are collected,
and forthwith by them applied to the redemption of said