958

LAWS OF MARYLAND.

or private sale in the discretion of said Mayor and City Coun-

cil ; provided, that none of said bonds shall be sold at less than

par.

SEC. 3. And be it enacted, That for the purpose of redeem-

Redemption at

ing said bonds at the maturity and for securing the prompt

maturity.

payment of the interest thereon, the said Mayor and City

Council are hereby empowered and expressly directed to an-

nually levy on the taxable property of said city such sums of

money as shall in their discretion be necessary for the prompt

payment of the interest on said bonds and the principal thereof

when the same may become clue, and any surplus on hand at

any time arising from such levy shall be by the said Mayor

and City Council invested in some safe securities as a sinking

fund, which shall not at any time be diverted from the purposes

of this Act.

SEC. 4. And be it enacted, That the money arising from

Money arising
from sale of

the sale of said bonds shall be paid to the Mayor and City

bonds.

Council of said city, and by them be deposited in bank, and

shall only be drawn therefrom on checks signed by the Mayor

and countersigned by the treasurer; and the said treasurer

shall keep in a book for this purpose a full registry of the

bonds sold, the different series, the number of the bonds and

the names of the purchasers and amounts realized on sale, and

any transfer and assignment of the same when requested by

any subsequent purchaser or purchasers, and shall publish for

two successive weeks in a newspaper issued in Worcester

County an itemized statement of the expenditure of all sums

of money received from sale of said bonds, said statement to

be published one time each year.

SEC. 5. And be it enacted, That the said Mayor and City

Depository.

Council shall select, in their discretion, some depository in

which to deposit the money necessary for the payment of the

principal and interest of said bonds as the same may mature

and become due; provided, that said Mayor and City Council

shall select by resolution said depository before issuing said

bonds, and shall designate the same on said bonds and on the

coupons thereto attached.

SEC. 6. And be it enacted. That each series of said bonds

Series issued

may be issued separately and at different times upon resolution

separately.

duly passed, if in the discretion of the said Mayor and City

Council the best interests of said city requires such method,

that is to say, it shall not, in order to make the provisions of

this Act available, be necessary for the said Mayor and City