382 ARTICLE 2.

thousand dollars ($100,000) and to issue its bonds for the purpose, in
addition to all other indebtedness of the city under the conditions set
forth in this Act.

The bonds hereby authorized to be issued shall be in sum of one thou-
sand dollars ($1,000) each, to be numbered from (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 Treasurer 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 its au-
thority, are authorized to do all acts and things in connection with the
said issue that may be proper to give validity to said bonds.

The Mayor, Counselor and Aldermen of the City of Annapolis or its-
Finance Commission acting under its authority, be and they are hereby
authorized and empowered to sell and dispose of the said bonds herein-
before provided at public sale to the highest bidder or bidders therefor
for cash, after 30 days' public notice thereof by advertisement, provided
the same, or any part of them, shall not be sold for less than par and
accrued interest.

The bonds and the proceeds of sale of the same shall be used and applied
for the purchase of the stock of the Annapolis Water Company or to pay
off the indebtedness which the said Mayor, Counselor and Aldermen of
the City of Annapolis, or its Finance Commission acting under its author-
ity, may have assumed in respect to the purchase of stock of said Water
Company; and the said bonds with the interest due and to become due-
thereon, are hereby declared to be a first lien upon the interest of the
Mayor, Counselor and Aldermen of the City of Annapolis in the stock
and property of the Annapolis Water Company or its successors, and the
stock of said company owned by the Mayor, Counselor and Aldermen of
the City of Annapolis shall be placed on the books of said company in
the name of the Mayor, Counselor and Aldermen of the City of Annapolis
as trustee, so long as said bonds are outstanding, as security for the pay-
ment of the said bonds and interest, as and when the same become pay-
able. And should the said obligations not be paid as and when the same
become payable, then the bondholders' lien may be enforced as other liens
are enforced in equity.

That the Mayor, Counselor and Aldermen of the City of Annapolis are
hereby authorized to vote the said stock at any meeting of the said Annap-
olis Water Company, and by resolution duly passed to appoint such person
or persons to represent and vote said stock as to it may seem proper, tO'