WM. PRESTON LANE, JR., GOVERNOR. 391

Thousand Dollars ($11,000.00) and to issue bonds therefor
and to sell the same, the proceeds arising from the sale
thereof to be applied to the payment and liquidation of
certain outstanding notes, obligations and floating indebted-
ness due and owing by the Mayor and Council of Pocomoke
City, and to provide for the levying of a tax annually upon
the assessable property of Pocomoke City to pay interest
thereon, and for the redemption and payment of said bonds
when they shall fall due or when called for payment.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Council of Pocomoke City, be, and
it is hereby authorized and directed to borrow on the faith
and credit of Pocomoke City the sum of Eleven Thousand Dol-
lars ($11,000.00) and to issue coupon bonds therefor in sums
of One Thousand Dollars ($ 1,000.00) each, to be signed by
the Mayor or the Mayor and Council of Pocomoke City and
countersigned by the Treasurer thereof, with the seal of the
Mayor and Council of Pocomoke City affixed thereto, and said
bonds shall be designated as "Refunding Bonds of Pocomoke
City" and shall be numbered consecutively from one (1) to
eleven (11) inclusive, and shall bear interest at the rate of
three percent (3%), per annum, payable semi-annually, on the
first day of June and December of each and every year,
accounting from June 1, 1947, and said bonds shall be exempt
from all taxation for State, county and municipal purposes
in the State of Maryland, and shall have printed on them a
direct reference to this Act authorizing their issue.

The said bonds to be issued under this Act shall mature in
five years from the date of issue; provided, however, that said
Mayor and Council of Pocomoke City shall have the right to
pay any or all of said bonds on any interest paying date prior
to date of maturity.

SEC. 2. And be it further enacted, That the Mayor and
Council of Pocomoke City are authorized and empowered to
sell said bonds to the highest bidder upon sealed proposals
after having given at least ten (10) days' notice by advertise-
ment in some newspaper printed and published in Pocomoke
City, Maryland, and by such other advertisements as the
Mayor and Council of Pocomoke City shall deem advisable,
but the right is reserved unto the Mayor and Council of Poco-
moke City to reject any and all bids. The Mayor and Council
of Pocomoke City is also authorized and empowered to sell at
their discretion said bonds at private sale at not less than par
and accrued interest.

SEC. 3. And be it further enacted. That the proceeds arising
from the sale of said bonds shall be applied to the payment