WM. PRESTON LANE, JR., GOVERNOR. 351

to pledge and apply available revenues from the water
works of said City to the payment of said bonds and the
interest thereon and to levy and collect taxes upon all
the assessable property in said City to pay the principal
and interest requirements of said bonds in the event of
insufficient water revenues for that purpose.

SECTION 1. Be it enacted by the General Assembly of Nary-
land, That the Mayor and Councilmen of Frostburg, Alle-
gany County, Maryland, be and they are hereby, authorized
and empowered to issue and sell bonds designated, "Frost-
burg Water Improvement and Refunding Bonds of 1947" to
an amount not exceeding Sixty Thousand Dollars ($60,000.00).
Said bonds shall be issued in such form and denominations,
shall become due and payable in such manner and time, not
exceeding twenty (20) years from the date of issue, and shall
bear such rate of interest, not exceeding four (4) per cent
per annum, as the Mayor and Councilmen shall determine
by ordinance; said bonds shall be forever exempt from all
State, County, and Municipal Taxes and shall be signed by
the Mayor of said City and attested by its City Clerk, with
the Corporate Seal of said City affixed thereto. Interest on
said Bonds shall be evidenced by coupons attached thereto.

SEC. 2. And be it further enacted, That said Mayor and Coun-
cilmen of Frostburg shall, by ordinance, cause advertisement
to be made setting the time and place, where bids, conditioned
as may be required by said ordinance, will be opened for
the sale of all or any part of said Bonds, reserving unto
itself the right to reject any and all bids and the right to
re-advertise the sale of all or any part of said bonds, together
with such certified checks as may be required, if any; said
bids shall be filed with the City Clerk and at the time and
place advertised, shall be opened by him in the presence
of the Mayor and Councilmen of Frostburg and if said bids,
or any of them, be satisfactory to the Mayor and Council-
men of Frostburg, it shall sell said bonds or any part thereof,
to the highest bidder of whose ability to comply with the
terms of sale, the said Mayor and Councilmen, in its discre-
tion, is satisfied.

SEC. 3. And be it further enacted, That upon the sale of said
Bonds, the proceeds thereof to an amount not exceeding
Twenty Thousand Dollars ($20,000.00), shall be used by the
Mayor and Councilmen of Frostburg, together with such
part of the Sinking Funds of said City as may be designated
by the Mayor and Councilmen of Frostburg, for the purpose
of redeeming the Water Improvement Bonds of 1923 due
August 1, 1948, in the amount of Fifty-five Thousand Dollars