WM. PRESTON LANE, JR., GOVERNOR. 99

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 nevertheless be valid and sufficient for
all purposes the same as if he had remained in office until
delivery. Provision may be made by the Town 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 re-
gard to any limitation on indebtedness prescribed by any
other law. The Town may sell said bonds at public sale or
by private negotiation 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, computed with relation to the absolute maturity of
the bonds in accordance with standard tables of bond values,
excluding, however, from such computation the amount of
any redemption premium. Such bonds shall not be subject
to the provisions of Sections 34, 35 and 36 of Article 31, Code
of Public General Laws of Maryland (1939 Edition). Within
the limitations prescribed hereby each group of said bonds
shall be issued on an annual serial maturity plan so that
a certain number of said bonds will mature in consecutive
annual serial installments. The Town may provide by ordi-
nance the conditions under which it will replace any bonds
which may become, mutilated or be destroyed or lost after the
issuance thereof.

312. The bonds hereby authorized to be issued and the
interest paid thereon, in the hands of the persons entitled
thereto, from time to time, shall be and remain exempt from
all State, county and municipal taxation of any kind and
nature whatsoever in the State of Maryland.

312A. In order to provide for the payment of the prin-
cipal and interest of said bonds as and when the same respec-
tively mature and are payable, the Town shall, in each year
that any of said bonds are outstanding, levy upon all property
subject to assessment for taxation within the corporate limits
of the Town, ad valorem taxes sufficient in rate and amount
to provide the moneys necessary to pay said principal and
interest when due. Said taxes shall be levied without regard
to the limitations on the powers of taxation of the Town con-
tained in Chapter 217 of the Acts of 1947, but shall neverthe-
less have the same priority and lien and shall be levied and
collected in the same manner as other Town taxes and the