PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 241

CHAPTER 118.

AN ACT to authorize and empower the Mayor, Counselor and
Aldermen of the City of Annapolis to borrow money and
issue bonds for the sum of one hundred thousand dollars, or
so much thereof as may be necessary for the purpose of
acquiring the stock of the Annapolis Water Company; to
provide for the repayment of the same with interest and to
enable it to vote the said stock when acquired, and operate
the said Annapolis Water Company through its stock hold-
ings.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor, Counselor and Aldermen of the City of
Annapolis is hereby authorized to borrow money in a sum not
to exceed one hundred thousand dollars ($100,000) and to
issue its bonds for the purpose, in addition to all other indebted-
ness of the City under the conditions set forth in this act.

SEC. 2. Be it enacted, That the bonds hereby authorized to
be issued shall be in sums of one thousand dollars ($1,000)

each, to be numbered from one (1) to one hundred (100), both
inclusive, payable thirty (30) years from the date of issue,
And shall be dated April first, nineteen hundred and twelve.
Said bonds to be signed by the Mayor, Counselor and the Treas-
urer of the City of Annapolis and attested by the seal of the
said city, and shall be a direct obligation upon the City of
Annapolis. The said bonds shall bear interest at an annual
rate of interest not exceeding four and one-half per cent.
(4 1/2%), payable semi-annually, and said bonds when issued
shall be exempt from taxation by City of Annapolis and Anne
Arundel county while held by residents of this State. The
bonds shall be known as "City of Annapolis First Mortgage
Water Loan Bonds" and this shall be printed or lithographed

on each bond. The Mayor, Counselor and Aldermen of the
City of Annapolis or its Finance Commission acting under iti
authority, are authorized to do all acts and things in connec-
tion with the said issue that may be proper to give validity to

said bonds.

SEC. 3. Be it enacted, That the Mayor, Counselor and Alder-
men of the City of Annapolis, or it Finance Commission act-
ing under its authority be and they are hereby authorized and
empowered to sell and dispose of the said bonds hereinbefore
provided at public sale to the highest bidder or bidders therefor
for cash, after thirty days' public notice thereof by advertise-