WM. PRESTON LANE, JR., GOVERNOR. 125

and denominations and shall be sold, executed and deliv-
ered in such manner as the Town may from time to time
decide, such decision, however, to be made, with respect
to each particular group of bonds sold, prior to the delivery
thereof, by one or more legally adopted ordinances. Such
bonds, as issued, shall be dated, shall bear interest at such
rate or rates not exceeding four per centum (4%) per
annum, payable semi-annually and shall mature in con-
secutive annual serial installments at such time or times
not exceeding thirty (30) years from their date or dates
of issue as may be determined in said ordinances above
referred to. Said bonds, or any of them, may be made
redeemable before maturity at the option of the Town at
such price or prices and under such terms and conditions
as may be fixed by the Town in said ordinance or ordi-
nances. The principal and interest of such bonds may be
made payable in any lawful medium and the Town 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 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 regard to any limitation
on indebtedness prescribed by any other law and shall
not be included in the amount of money which the Town
is authorized to borrow under Section 39 of its charter
as the same appears in Chapter 846 of the Acts of the
General Assembly of Maryland passed at its January Ses-
sion in the year 1945. 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 Sec-
tions 34, 35 and 36 of Article 31, Code of Public General
Laws of Maryland (1939 Edition). Within the limita-