HARRY W. NICE, GOVERNOR. 619

County and Municipal taxation, and shall be signed by the
Mayor of said Municipal corporation, and attested by its City
Clerk, with its corporate seal attached, and shall bear interest
at the rate of not more than four per centum (4%) per
annum, payable semi-annually, for which interest coupons
may be attached thereto; said bonds, when issued, shall have
written or printed on them a distinct reference to the Act
authorizing the issuance of the same, and shall be designated
"POCOMOKE CITY REFUNDING BONDS OF 1937".

SEC. 3. And be it further enacted, That Mayor and Council
of Pocomoke City is hereby authorized and empowered to pass
all resolutions that it may deem proper for the purpose of
carrying out the provisions of this Act, and to do all things
necessary for the issuance of said bonds and offering them for
sale, under the most advantageous conditions which it may
think proper, said bonds to be issued in such manner, for such
amounts, to bear such dates, and to be payable at such times
as the Mayor and Council of Pocomoke City shall provide by
resolution or resolutions, which said resolution or resolutions
may fix the rate of interest to be paid on such bonds, or
designate how the rate of interest may be determined when
said bonds are offered for sale.

SEC. 4. And be it further enacted, That the Mayor and
Council of Pocomoke City may also provide, by resolution or
resolutions, for the registration of any bonds authorized to
be issued under this Act, as to the principal thereof, in the
name or names of the owners thereof, in the event the owners
desire to have said bonds registered. And bonds issued under
this Act which are redeemed and paid off shall be cancelled.

SEC. 5. And be it further enacted, That the Mayor and
Council of Pocomoke City is hereby authorized, empowered
and directed to levy and collect from the assessable property
of Pocomoke City all necessary taxes for the payment of the
interest on said bonds, and for the payment of the principal
thereof, as the same shall fall due and become payable.

The bonds authorized to be issued under this Act shall be
serial bonds, and a certain number of said bonds shall fall due
and become payable at stated periods, at which time they shall
be paid off and redeemed, in the manner provided by resolu-
tion or resolutions of the Mayor and Council of Pocomoke
City, provided, however, that the bonds authorized to be issued
under this Act shall not extend over a period of more than
twenty-five (25) years from the date of the issuance of said
bonds.

Said taxes shall be collected in like manner as other taxes
levied by the Mayor and Council of Pocomoke City are col-