WM. PRESTON LANE, JR., GOVERNOR. 109

by the city for the registration of any 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 recon-
version of any of the bonds so registered as to both principal
and interest into coupon bonds. The city shall sell said
bonds at public sale in the manner prescribed by Section 35
of Article 31, Code of Public General Laws of Maryland
(1939 Edition) 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 re-
lation 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 Section
36 of said Article 31, Code of Public General Laws of Mary-
land (1939 Edition), but they 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
city may provide by ordinance the conditions under which
it will replace any bonds which may become mutilated or be
destroyed or lost after the issuance thereof.

SEC. 3. And be it further enacted, That 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.

SEC. 4. And be it further enacted, That in order to provide
for the payment of the principal- and interest of said bonds
as and when the same respectively mature and are payable,
the city shall, in each year that any of said bonds are out-
standing, levy upon all property subject to assessment for
taxation within the corporate limits of the city, 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 any present or future
limitations on the powers of taxation of the city and shall
have the same priority and lien and shall be levied and col-
lected in the same manner as other city taxes and the pay-
ment thereof shall be enforced in the same manner as pay-
ment of such other city taxes are enforced.

SEC. 5. And be it further enacted, That the city is hereby
authorized and empowered to accept from any Federal or
State Agency, grants for or in aid of any of the projects