786 LAWS OF MARYLAND. [CH. 392

and Council of Brunswick shall be authorized or required to
raise or borrow under Section 336 of Article 43, of Bagby's
Annotated Code of the Public General Laws of the State of
Maryland, and to issue therefor bonds, stocks, notes, negotiable
paper or certificates of indebtedness, executed and issued by
the Mayor and Council of Brunswick, in Frederick County,
Maryland, for the purpose of redeeming and refunding a like
amount of outstanding bonds of said municipal corporation
which are now redeemable or which will become redeemable
during 1937, as follows:

(1) $77, 000 Permanent Water Improvement Bonds issued
pursuant to Chapter 109 of the Acts of 1918, redeemable on
and after January 1, 1929.

(2) $20, 000 Water Extension Bonds issued pursuant to
Chapter 372 of the Acts of 1922, redeemable on and after Octo-
ber 1, 1937.

(3) $30, 000 Street Improvement Bonds issued pursuant to
Chapter 371 of the Acts of 1922, of which f 10, 000 became re-
deemable on and after September 1, 1934, $10, 000 became re-
deemable on and after August 1, 1935, and $10, 000 become re-
deemable on and after October 1, 1937.

(4) $10, 000 Street Improvement Bonds issued pursuant to
Chapter 136 of the Acts of 1927, redeemable on and after Au-
gust 1, 1937.

The raising or borrowing of said amount and the issuance of
said bonds provided for in this Act shall not be required to be
submitted to a vote of the people.

SEC. 2. And be it further enacted, That the Mayor and
Council of Brunswick is hereby authorized and empowered to
provide by ordinance or ordinances for the issue and sale of
said bonds for the purposes set forth in this Act and that all
of said bonds when issued shall be exempt from Maryland
State, County and municipal taxation. Said Mayor and Coun-
cil of Brunswick, is hereby directed and empowered, by said
ordinance authorizing the issuance and sale of said bonds, to
prescribe the form and tenor of said bonds, the rate of inter-
est, not exceeding five per centum per annum, to be paid there-
on, and the time and place at which said interest is to be
paid, the manner in which said bonds shall mature, either
serially or otherwise, provided all of said bonds shall mature
and be paid within at least forty years from their date of
issue, and said ordinance shall further provide for the method
of selling said bonds either by public sale or by private nego-
tiation, at, above or below the par value thereof. Said bonds
shall be in coupon form registerable as to principal only, shall
be in denominations of $1, 000. 00 each and shall be numbered