WM. PRESTON LANE, JR., GOVERNOR. 695

bonds may, by said resolution, be made payable in any lawful
medium, and the City may, in said resolution, fix the place or
places of such payment, which may be at any bank or trust
company within or without the State of Maryland. In case
any officer whose signature shall appear on any such bonds or
coupons shall cease to be such officer before delivery of the
bonds, such signature shall nevertheless be valid and sufficient
for all purposes the same as if he had remained in office until
delivery. Provision may be made by the City in said resolu-
tion for the registration of any of said bonds in the name or
names of the owner or owners thereof as to principal alone
and, also, as to both principal and interest, and for the recon-
version of any of the bonds so registered as to both principal
and interest into coupon bonds. Said bonds shall all be dated
October 1, 1947 and they shall be issued to mature in the order
of their consecutive numbers in varying annual serial install-
ments over a period of ten (10) years, Five Thousand Dollars
($5,000.00) aggregate par amount of said bonds to mature
and be payable on October 1, 1952, Ten Thousand Dollars
($10,000.00) aggregate par amount of said bonds to mature
and be payable on October 1st in each of the years 1953 to
1961, both inclusive, and Five Thousand Dollars ($5,000.00)
aggregate par amount of said bonds to mature and be payable
on October 1, 1962.

The borrowing hereby authorized shall be effected by offer-
ing said bonds for sale at public sale to the highest bidder or
bidders therefor and said public sale shall be held in accord-
ance with the provisions of Section 35 of Article 31 of the Code
of Public General Laws of Maryland (1939 Edition). None of
said bonds shall be sold at less than the par value thereof and
accrued interest to date of payment. Notwithstanding the
provisions of said Section 35 of Article 31 of the Code of Public
General Laws, the City may publish a brief notice summarizing
the offering of said bonds which shall indicate where a com-
plete statement of all the terms and conditions of said sale
may be obtained and, in addition to publication of said sum-
mary notice in any newspaper having a general circulation in
Worcester County, said summary notice may likewise be pub-
lished in any journal having a circulation primarily among
bankers having an interest in the purchase and sale of muni-
cipal securities.

SEC. 4. And be it further enacted, That the proceeds from
the sale of the bonds hereby authorized shall be paid directly
to the Treasurer of Ocean City, who shall disburse the same
only for the purposes enumerated in Section 1 hereof upon
vouchers duly approved by the Mayor and City Council at