WM. PRESTON LANE, JR., GOVERNOR. 353
CHAPTER 233.
(House Bill 234)

AN ACT to authorize and empower the Mayor and Council-
men of Frostburg, Allegany County, Maryland, to issue
and sell bonds of said City to an amount not exceeding
Twenty-five Thousand Dollars ($25,000.00), "Frostburg
Street Improvement Bonds of 1947" and to use the pro-
ceeds thereof for the general repair and improvement of
the streets, roads and alleys of said City, and to levy and
collect taxes upon all of the assessable property in said
City to pay the principal and interest requirements of
said bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Councilmen of Frostburg, Allegany
County, Maryland, be and they are hereby authorized and
empowered to issue and sell bonds designated "Frostburg
Street Improvement Bonds of 1947" to an amount not ex-
ceeding Twenty-five Thousand Dollars ($25,000.00), said
bonds shall be issued in such form and denominations, shall
become due and payable in such manner and time, not exceed-
ing 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 ordi-
nance; 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-adver-
tise 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 Councilmen
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 discretion,
is satisfied.
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