WM. PRESTON LANE, JR., GOVERNOR. 557

114F. (Revenue Bonds.) The revenue bonds authorized
to be issued hereby shall not constitute a debt of the City
or a pledge of its faith and credit but such bonds, and the
interest thereon, shall be payable solely from the revenues
of a project. The City is hereby authorized and empowered
by ordinance, at one time and from time to time, to borrow
money to pay the cost of acquisition or the cost of construc-
tion or both of a project and to issiie its revenue bonds in
the manner hereinafter prescribed to evidence such borrow-
ing. Each of such bonds shall contain a statement on its
face to the effect that the City is not obligated to pay the
same or the interest thereon except from the revenues of a
project and that the faith and credit of the City are not
pledged to the payment of the principal and interest of the
bonds. Before issuing any such revenue bonds, the City shall
make or obtain (a) an estimate of cost of acquisition of a
project or the cost of its construction or both to be defrayed
by the money to be realized from the issuance of such bonds,
(b) an estimate of the annual revenues of the project and
(c) an estimate of the annual cost of maintaining, repairing
and operating the project, and no money shall be borrowed
and no revenue bonds issued to evidence such borrowing un-
less the City is satisfied from such estimates that the annual
revenues of the project will" be sufficient to pay the cost of
maintaining, repairing and operating it and, also, the in-
terest on such bonds and the principal thereof as such interest
and principal shall become due.

Such revenue bonds shall be dated, shall bear interest at
such rate or rates not exceeding four per centum per annum,
payable semi-annually, shall mature at such time or times
not exceeding forty years from their date or dates, as may
be determined by the City, and may be made redeemable
before maturity, at the option of the City, at such price or
prices and under such terms and conditions as may be fixed
by the City prior to the issuance of the bonds. The principal
and interest of such bonds may be made payable in any law-
ful medium. The City shall determine the form of the bonds
and the interest coupons to be attached thereto, the manner
of executing the bonds and coupons, and shall fix the denom-
ination or denominations of the bonds and the place or places
of payment of principal and interest thereof, which may be
at any bank or trust company within or without the State.
In case any officer whose signature shall appear on any bonds
or coupons shall cease to be such officer before the delivery
of such bonds, such signature shall nevertheless be valid and
sufficient for all purposes the same as if he had remained in
office until such delivery. All revenue bonds issued under the
provisions hereof shall have and are hereby declared to have, as