780 LAWS OF MARYLAND. [CH. 454

finance the installation in said town of a water supply system,
sanitary and storm water sewers and a sewage disposal plant,
said President and Commissioners of North East are hereby
authorized and empowered to borrow from time to time here-
after not exceeding Three Hundred Thousand Dollars ($300,-
000.00) in the aggregate and to evidence said borrowing by
the issuance of its general obligation coupon bonds in order
to provide said town with the additional funds necessary to
complete said installations and construction. Said money
shall be borrowed and said bonds shall be issued, sold and
delivered in the manner prescribed by Sections 1, 3 and 4
above, except that: (a) said bonds may be dated as of the
date of the issuance thereof, (b) said bonds may be issued
subject to redemption by the municipality, in whole or in
part, at the option of the President and Commissioners of
North East in such manner and at such prices as said Presi-
dent and Commissioners may provide in the ordinance or
resolution authorizing any of said bonds, (c) said bonds need
not be executed by the officers of the town prior to the adver-
tisement of the sale thereof, and (d) such advertisment of
sale need not be inserted in a newspaper having a circulation
in the City of Baltimore but may be inserted in one news-
paper published in Cecil County, Maryland in such other
financial journals, having a circulation among banks and
bankers interested in municipal securities, as the President
and Commissioners of North East may determine. The public
offering of any such bonds shall be conducted in all respects
in accordance with Sections 35 of Article 31 of the Code of
Public General Laws of Maryland (1939 Edition) and with
Section 4 above, except that a condensed notice of such offer-
ing and of the terms and conditions thereof may be published
in lieu of the complete notice of said offering, provided said
condensed notice shall state where a complete copy of the
notice of said offering may be obtained by any interested
party. The principal and interest of any of the bonds author-
ized to be issued pursuant to this section shall be payable as
to principal and interest from the taxes, benefit assessments
and other charges authorized to be levied and imposed by
Sections 5, 7 and 10 above, and the rate or rates of said ad
valorem taxes shall be so fixed, notwithstanding the limita-
tion of any other law, as to provide sufficient funds to pay
said principal and interest as and when the same respectively
mature and are payable. The proceeds of benefit assessments
previously levied, together with all new assessments properly
imposed with respect to benefits derived from installations
made with funds borrowed pursuant to this section, shall
constitute a single fund for use in paying both the principal
and interest maturities of the bonds issued pursuant to Section