'950                         LAWS OF MARYLAND.                  [CH. 376

CHAPTER 376.

AN ACT to authorize and empower the Mayor and City Coun-
cil of Ocean City to issue and sell coupon bonds of said town
to the amount of twenty thousand dollars to provide a fund
for street improvements and extension and betterment of the
water system and sewerage system of Ocean City, and for
such other proper public purposes as in the judgment of the
said Mayor and City Council may seem advisable and pro-
viding for a referendum thereon.

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SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Ocean City is
hereby authorized and empowered to borrow on the credit of the
said town an amount not exceeding twenty thousand dollars
and to issue coupon bonds therefor in sums of one thousand
dollars each, to be signed by the Mayor of said town and to be
countersigned by the Treasurer thereof with the seal of the
said town attached, and to be designated as "Ocean City Im-
provements Bonds of 1931. " Said bonds shall be issued as of
July 1, 1931, and shall bear interest at the rate of five per cent,
per annum, payable semi-annually on the first day of January
and July in each and every year until the said bonds are paid.
Said bonds shall be registered by the Treasurer in a separate
book kept for that purpose and shall forever be exempt from
taxation for State, county and municipal and other local pur-
poses and shall have printed on them a distinct reference to
the Act directing their issue.

Lito

SEC. 2. Be it further enacted as aforesaid, That said issue
of bonds shall be number consecutively beginning with number
one and shall mature and be payable in the order of their num-
bers as follows: one thousand dollars July 1st, 1936, and one
thousand dollars July first of each year thereafter to and includ-
ing July 1, 1955. Said bonds shall be sold at public or private
sale or sales as a whole or separately or in groups and in such
place or places and at such time or times as in the discretion of
the Mayor and City Council may seem advisable, until all of
said bonds, or so much thereof as may be necessary, shall be
sold; but none of said bonds shall be sold at less than par and
accrued interest.

SEC. 3. Be it further enacted as aforesaid, That for the pur-
pose of redeeming said bonds at maturity and for securing the