816 LAWS OF MARYLAND. [CH. 478

corporation, be and it is hereby authorized and empowered
to borrow upon the faith and credit of Frederick City a sum
or sums not to exceed a total of One Hundred Thousand
Dollars ($100,000.00), from time to time, and to issue and
sell coupon serial bonds not exceeding said amount.

SEC. 2. And be it further enacted, That the said Mayor
and Aldermen 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 de-
nominations of $1,000.00 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 the
said Mayor and Aldermen may by resolution prescribe and
a portion thereof shall be retired annually; provided that
all of said bonds shall be retired within fifteen (15) years
from the date of their issuance.

SEC. 3. And be it further enacted, That such bonds shall
be signed by the Mayor of said City, countersigned by the
City Eegister, 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 proceeds
arising from the sale of any bonds issued under the pro-
visions of this Act, after the payment of the costs of engrav-
ing and all other incidental costs and expenses connected
with the issuance of said bonds shall be used by the Mayor
and Aldermen of Frederick for the acquisition of sites for
and construction and equipping of an airport in Frederick
County, including runways, buildings and all other necessary
appurtenances and the acquisition of land.

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