WM. PRESTON LANE, JR., GOVERNOR. 393

to expend the proceeds therefrom for the purpose of extend-
ing and improving the water system and water supply of
Pocomoke City and for the purpose of extending, repair-
ing and improving the sewerage and drainage systems and
the streets, highways and sidewalks of Pocomoke City; and
to provide for the payment of the interest on the said bonds
and the principal thereof, as the same shall mature; and
to provide for the levying of taxes upon the assessable
property of Pocomoke City to pay the interest on said bonds
and for the redemption and payment of same 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 empowered to borrow, on the faith
and credit of Pocomoke City, a sum of money not exceeding
Forty Thousand Dollars ($40,000.00) and to issue bonds there-
for 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 ''Pocomoke
Improvement Bonds", and shall be numbered consecutively
from one (1) to forty (40), inclusive, and shall bear interest
at the rate of three percent (3%) per annum, payable semi-
annually on the first days of June and December of each and
every year from the date of their issue; 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 (5) 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 Worcester
County, 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 Po-
comoke City to reject any and all bids. The Mayor and Coun-
cil of Pocomoke City is also authorized and empowered to sell
said bonds, in its discretion, at private sale at not less than par
and accrued interest.