DEBT—PUBLIC. 387

may he authorized by resolution of the governing body and shall be
issued in one or more series, shall bear such date or dates, mature at such
time or times, not exceeding forty years from their respective dates, bear
interest at such rate or rates, not exceeding four percentum (4%) per
annum, payable at such time or times, be in such denomination or denomi-
nations, be in such form, either coupon or registered, carry such registra-
tion privileges, to be executed in such manner, be payable in such medium
of payment, at such place or places, and be subject to such terms of
redemption, with or without premium, be declared or become due before
the maturity date thereof, as such resolution or subsequent resolutions
may provide. The bonds may be sold at public or private sale in such
blocks and for such price or prices as the governing body shall determine,
provided that the interest cost to maturity of the money received for any
issue of said bonds shall not exceed four percentum (4%) per annum.
Any and all of the bonds issued pursuant to the provisions of this sub-
title, and the interest thereon, shall be and remain exempt from State,
County and Municipal taxes of every 'kind whatsoever in the State of
Maryland.. In determining the cost of any public works project, the
following items may be included as a part of the cost of such public works
project and financed by the issuance of the bonds; (a) engineering and
inspection costs, accounting and legal expenses, in which may be included
a reasonable proportion of the compensation costs and the engineering and
legal expenses, of the municipality; (b) the cost of issuance of the bonds,
including printing, advertising, accounting, legal and other similar ex-
penses; (c) any interest costs on money borrowed or estimated to be
borrowed during the period of construction of such public works project.
The authorization and issuance of the bonds shall not be dependent on or
affected in any way by proceedings taken, contracts made, acts performed
or things done, in connection with, in the construction of, or in further-
ance of any public works project undertaken by the municipality authoriz-
ing and issuing the bonds. All bonds issued under this sub-title shall
recite upon their face, in substance, that they are issued pursuant to this
sub-title and pursuant to the Constitution of Maryland and pursuant to
a resolution duly adopted by the governing body of the municipality, and
there shall also appear upon the face of said bonds a paragraph substan-
tially similar to the following: "It is hereby certified and recited that
each and every act, condition and thing required to exist, to be done,
to have happened, and to be performed, precedent to and in the issuance
of this bond, does exist, has been done, has happened, and has been per-
formed, in full and entire compliance with the Constitution and laws of
the State of Maryland and the resolutions of said (here insert the name
of the issuing municipality), and that the issue of bonds, of which this
is one, together with all other indebtedness of the (here insert the name
of the issuing municipality) is within every debt and other limit pre-
scribed by the Constitution of said State. " The bonds may be purchased
by the municipality at a price not more than the principal amount thereof
plus the accrued interest, and all bonds so purchased shall be cancelled.