HARFORD COUNTY. 2967

powered to borrow on the credit of said City an amount not exceeding
the sum of twenty-five thousand dollars, and to issue bonds of said City
in payment of the sum so borrowed. The said bonds shall be for sums
not less than one hundred dollars nor more than one thousand dollars
each, to be signed by the Mayor and countersigned by the City Treasurer
with the corporate seal of said City thereto affixed; and if registered bonds
are issued, said bonds shall be registered by the City Clerk in a separate
book to be specially provided for that purpose. The said bonds shall be
issued at such time as the Mayor and City Council shall determine; they
shall bear interest at the rate of not more than five per cent, per annum,
payable semi-annually, at such place as the Mayor and City Council shall
designate, beginning six months from the date of the issue; said bonds
shall be payable as to the principal thereof in thirty years from the date of
their issue and shall be forever exempt from all County and Municipal
taxation for any purpose, and shall have printed on them a distinct refer-
ence to the Act of Assembly authorizing the issue thereof and the said
bonds shall not be sold for less than their par or face value. The pro-
ceeds of the sale of said bonds shall be applied first, to paying and liqui-
dating the present floating debt of said City. And the balance of said
proceeds, if any there be, shall be covered into the City Treasury. After
the expiration of ten years from the issue of said bonds the Mayor and
City Council may, from time to time, redeem them, or any part of them,
and if they determine to redeem and pay only a part of said issue,
then they shall proceed to determine by lot which of said bonds are to
be redeemed, and when said bonds are thus selected for redemption the
Mayor and City Council shall give notice by advertisement in the several
newspapers published in said City of the number or numbers of said bonds
called in, and when and where they are to be paid, and interest shall
cease on said called-in bonds from and after the date fixed for their
redemption.

The Mayor and City Council of Havre de Grace shall at all times
preserve and keep as a sinking fund for the payment of the principal and
interest of all the bonds of said City, including those bonds which may
be issued in pursuance of this Act, all the money which under Section one
hundred and ninety-two of Chapter one hundred and eighty of the Acts
of eighteen hundred and ninety, they are authorized to receive, and the
said Mayor and City Council are hereby authorized and empowered to
incorporate into the bonds issued under authority of this Act, as a part
of the contract between the Corporation of Havre de Grace and the pur-
chaser of said bonds as security for the payment of the principal and
interest thereof as the same shall mature, a pledge of the money authorized
to be paid to them under Section one hundred and ninety-two of Chapter
one hundred and eighty of the Acts of eighteen hundred and ninety, and
the purchasers and holders of said bonds shall have the right to rely and
insist upon said security pledged to them until the said bonds are fully
paid.