HARRY W. NICE, GOVERNOR. 667

authority of Chapter 16 of the Acts of the General Assembly
of Maryland of 1927, said bonds hereby authorized to be
either sold to provide funds for the redemption of an equal
amount of said outstanding bonds upon receipt of the con-
sent of the holders thereof or, in the alternative, to be ex-
changed bond for bond for said outstanding bonds with the
holders thereof upon receipt of their consent; prescribing
the method of issuing the bonds hereby authorized, the in-
terest rate and maturities thereof, and providing for the pay-
ment thereof out of the proceeds of the sewer rents or other
charges levied pursuant to the authority of said Chapter 16
of the Acts of 1927, and also by General Taxes levied upon
all assessable property within the corporate limits of the
town of Delmar.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Commissioners of Delmar, a municipal corpo-
ration of the State of Maryland, be and it is hereby authorized
and empowered, subject to all of the provisions, conditions and
restrictions of this Act, to issue upon its faith and credit not
exceeding Ninety-Three Thousand Dollars ($93, 000. 00) par
amount of its negotiable general obligation coupon bonds for
the purpose of refunding or redeeming its outstanding sewer
bonds issued and sold pursuant to the authority of Chapter
16 of the Acts of the General Assembly of Maryland, passed at
its January Session in the year 1927. Said bonds so author-
ized hereby shall be known as "Refunding Sewer Bonds"; they
shall be in denominations of One Thousand Dollars ($1, 000. 00)
each; they shall be in coupon form registerable as to princi-
pal only, and they shall be signed by the President of the Com-
missioners of Delmar and the corporate seal of said town shall
be affixed to each of said bonds, attested by the Clerk of the
Commissioners of Delmar. Said bonds shall bear interest
at a rate not to exceed four per centum (4%) per annum,
payable in equal semi-annual instalments, they shall mature
and be paid in not more than fifty (50) years from their re-
spective date or dates of issue as hereinafter provided for, and
they may be issued to mature either in annual serial instal-
ments or all at one time, provided, however, that if any of said
bonds are issued to mature all at one time, then it shall be the
duty of the Commissioners of Delmar at the time of the is-
suance of said bonds so maturing all at one time to provide
by resolution or ordinance for the establishment of an adequate
sinking fund to provide for the payment at maturity of such
of said bonds so issued in said manner. Said bonds shall be
forever exempt from State, County and Municipal taxation.

SEC. 2. And be it further enacted by the General Assembly
of Maryland, That said bonds may be issued as a whole or in