HARRY W. NICE, GOVERNOR. 257

shall be determined by the Mayor and Council of Salisbury by
ordinance, shall bear interest at a rate not exceeding four per
centum (4%) per annum, payable semi-annually, shall all be
serial type bonds, and shall all mature in not exceeding thirty
(30) years from the date of issue, and shall be forever exempt
from State, County and Municipal taxation. Said bonds shall
be signed by the Mayor of Salisbury, with the seal of the City
attached thereto, attested by the Clerk of Salisbury, and if
coupon bonds, the coupons thereon shall be signed by the
Clerk of Salisbury, or a fac-simile of his signature shall be
stamped, printed or engraved thereon. Said bonds, when
signed and attested as heretofore directed, shall be delivered
to the Clerk of Salisbury, and the bond of said Clerk of Salis-
bury shall be responsible for the safekeeping of said bonds
and the proceeds thereof. The Clerk of Salisbury shall sell
said bonds at public auction or by sealed bids, after giving at
least two weeks' public notice thereof in one or more news-
papers published in the City of Salisbury, and in one or more
newspapers published in the City of Baltimore, under the
supervision of and at such times in such amounts as the
Mayor and Council of Salisbury shall order, but no bonds shall
be sold by sealed bids, except at prices approved by the Mayor
and Council of Salisbury. The said Clerk of Salisbury shall
deliver said bonds so sold to the purchaser or purchasers
thereof, and receive the money therefor, including any pre-
miums thereon, and shall report under oath to the Mayor and
Council of Salisbury, his proceedings in the premises as soon
as possible after said sale, with the name or names of the pur-
chasers to whom said bonds have been sold and delivered, to-
gether with the amount received on each bond so sold, and said
money, including said premiums, if any, shall be immediately
credited by the Clerk of Salisbury on his books to the "Salis-
bury, Maryland, By-Pass Road Bonds of 1937, " to be applied
only for the purposes specified in this Act. Provided, how-
ever, that any balance of the proceeds of said loan not required
for the purchase of the property necessary for the said By-
Pass Road and other expenses incidental thereto, or any
funds received from salvaging any of the property acquired
for said purpose, shall be applied to the sinking fund or for
the redemption of said bonds.

SEC. 3. And be it further enacted. That the Mayor and
Council of Salisbury shall annually levy upon all the assessable
property liable to taxation in the City of Salisbury at the reg-
ular tax levying period an amount sufficient to meet and pay
the interest on said bonds so issued and outstanding, and to
meet and pay the principal of said bonds as they shall sev-
erally become due from time to time, which tax shall be levied