124 LAWS OF MARYLAND. [CH. 49

(hereinafter referred to as the City) to finance the enlarge-
ment, improvement, modernization, extension or repair of
the water system of the City, including the development of
new sources of water and the repair, replacement or exten-
sion of any of the distribution system or the machinery or
pumps forming a part thereof, the said City is hereby au-
thorized and empowered, at one time or from time to time,
to borrow a sum or sums of money not exceeding Thirty
Thousand Dollars ($30, 000. 00) in the aggregate, and to
evidence said borrowing by the issuance to the lender or
lenders of its general obligation serial maturity coupon
bonds.

SEC. 2. And be it further enacted, That said bonds, and
the coupons attached thereto, shall be in such form and
denominations and shall be sold, executed and delivered in
such manner as the City may from time to time decide,
such decision, however, to be made, with respect to each par-
ticular group of bonds sold, prior to the delivery thereof
by one or more legally adopted ordinances. Such bonds
shall be dated, shall bear interest at such rate or rates not
exceeding four per centum (4%) per annum, payable
semi-annually, shall mature at such time or times not ex-
ceeding thirty (30) years from their date or dates of issue
as may be determined in said ordinances above referred to,
and said bonds, or any of them, may be made redeemable
before maturity at the option of the City at such price or
prices and under such terms and conditions as may be fixed
by the City in the ordinance or ordinances adopted prior
to delivery of the bonds. The principal and interest of such
bonds may be made payable in any lawful medium and
the City may fix the place or places of such payment, which
may be at any bank or trust company within or without
the state. In case any officer whose signature shall appear
on any such bonds or coupons shall cease to be such officer
before delivery of the bonds, such signature shall never-
theless be valid and sufficient for all purposes the same as if
he had remained in office until delivery. Provision may
be made by the City for the registration of any of such
bonds in the name of the owner or owners thereof as to
principal alone and, also, as to both principal and interest,
and for the reconversion of any of the bonds so registered
as to both principal and interest into coupon bonds. Such
bonds may be issued without regard to any limitation on
indebtedness prescribed by any other law. The City may
sell said bonds in such manner and for such price or prices
as it may from time to time determine to be for its best
interests, but no such sale shall be made at a price so low
as to require the payment of interest on the money received
therefor at more than four per centum (4%) per annum.,