812 LAWS OF MARYLAND. [CH. 475

powered to borrow upon the faith and credit of said city a
sum or sums not to exceed a total of Three Hundred Thou-
sand Dollars ($300,000), from time to time, and to issue and
sell coupon serial bonds not exceeding said amount.

SEC. 2. And le it further enacted, That the Mayor and
Aldermen of Frederick shall by resolution prescribe the form
and tenor of such bonds, the rate of interest, not exceeding
four per centum per annum, to be paid thereon; the date or
dates of issue, and the time and place at which interest is
to be paid. Such bonds shall be in coupon form, shall be
in denominations of f 100;00 or any multiple thereof, and may
be made registerable as to principal. Such bonds shall be
issued upon the serial maturity plan in such manner as said
Mayor and Aldermen may by resolution prescribe and a por-
tion thereof shall be retired annually; provided that all of
said bonds shall be retired within forty (40) years from the
date of their issuance.

SEC. 3. And be it further enacted, That such bonds shall
be signed by the Mayor of Frederick, countersigned by the
City Register, and the corporate, seal of the city shall be
attached thereto by the clerk to the Aldermen, and the inter-
est coupons attached to each of such bonds shall bear the
facsimile signature of the City Register printed, lithographed
or engraved thereon.

SEC. 4. And be it further enacted, That any bonds issued
under the provisions of this Act shall be issued and sold
in the manner prescribed by Sections 35 and 36 of Article
31 of the Annotated Code of Maryland (1939 Edition), and
any amendments thereto at such time or times as the Mayor
and Aldermen of Frederick may deem proper.

SEC. 5. And be it further enacted, That the entire pro-
ceeds arising from the sale of any bonds issued under the
provisions of this Act, after the payment of the costs of en-
graving and all other incidental costs and expenses connected
with the issuance of said bonds shall be used for constructing,
extending and improving the water system of Frederick City
by the said Mayor and Aldermen.

SEC. 6. And be it further enacted, That for the purpose
of paying the interest on such bonds as may be issued under
the provisions of this Act, and redeeming them as they ma-
ture, the Mayor and Aldermen of Frederick shall include in
the levy for the year after their issuance and each year there-
after until they mature and have been redeemed, an amount