920 LAWS OF MARYLAND. [CH. 464

hereby authorized and empowered to borrow on the faith and
credit of the said municipal corporation a sum not exceeding
Thirty-five thousand dollars ($35, 000. 00), and to issue its
negotiable interest bearing coupon bonds therefor, said bonds
to be issued in denominations of One thousand dollars
($1, 000. 00) each, to bear interest at such rate, not exceeding
six per cent (6%), as is determined by ordinance of Commis-
sioners of Ridgely, the interest to be payable semi-annually
accounting from the date of the issuance of said bonds by
Commissioners of Ridgely; said bonds to be signed by the
President of Commissioners of Ridgely, and sealed with the
seal of the said municipal corporation, duly attested by the
Clerk of Ridgely, and the said bonds shall be numbered con-
secutively from one (1) to thirty-five (35), inclusive; and that
the said bonds to be issued under this Act shall mature and
become due and payable in their numerical order, one bond in
the amount of One thousand dollars ($1, 000. 00) at the expira-
tion of each and every year accounting from the date of the
issuance of the said bonds, and that the said bonds shall be
paid and cancelled by Commissioners of Ridgely at the rate
of one bond in the amount of One thousand dollars ($ 1, 000. 00).
with interest thereon, during each and every year accounting
from the date of the issuance of said bonds until the whole
of said bonds, with interest thereon, shall have been paid,
and the date or dates of issue shall be the same on all bonds
issued under this Act, which date shall be determined by ordi-
nance of Commissioners of Ridgely.

SEC. 3. And be it further enacted, That the bonds shall be
designated as "Ridgely Refunding and Improvement Bonds",
and shall have printed on them a distinct reference to this
Act, authorizing their issue. The said bonds and all interest
thereon shall be exempted from all State, County and munic-
ipal taxes. The authority hereby conferred upon Commis-
sioners of Ridgely to borrow money on the faith and credit of
the said municipal corporation, and to issue bonds, is in addi-
tion to any and all similar power and borrowing authority
heretofore or hereafter conferred upon said municipal cor-
poration.

SEC. 4. And be it further enacted, That the Commissioners
of Ridgely are authorized and empowered to sell said bonds
at either public or private sale, at any price which they may
by ordinance determine.

SEC. 5. And be it further enacted, That the proceeds aris-
ing from the sale of the said bonds shall be applied by the
Commissioners of Ridgely as follows: First, to the payment
and refunding of all outstanding bonds, promissory notes,