352 LAWS OF MARYLAND. [CH. 211

affixed thereto, and said bonds shall be designated as
"Ridgely Refunding and Reconstruction Bonds" and shall
be numbered consecutively from one (1) to twenty-five
(25) inclusive, and shall bear interest at a rate not exceed-
ing six per cent, per annum, payable semi-annually on the
first day of November and May of each and every year
accounting from May 1st, 1933, and said bonds shall be
exempted from all taxation for State, county and municipal
purposes in the State of Maryland and shall have printed
on them a distinct reference to this Act authorizing their
issue.

SEC. 2. And be it further enacted, That the said bonds
to be issued under this Act shall mature in their numerical
order, One Thousand Dollars ($1, 000. 00) annually in each
and every year beginning May 1st, in the year 1934, and
that said bonds, with interest thereon, shall be paid and
cancelled by the said Commissioners of Ridgely in the
amount of One Thousand Dollars ($1, 000. 00) during each
and every year beginning as aforesaid until the whole of
said bonds shall have been paid, and the date of issue shall
be the same on all bonds under this Act, which date shall
be May 1st, 1933.

SEC. 3. And be it further enacted, That the Commis-
sioners of Ridgely are authorized and empowered to sell
said bonds to the highest bidder upon sealed proposals after
having given at least ten days' prior notice by advertise-
ment in some newspaper published in Caroline County and
by such other advertisement as the Commissioners of
Ridgely deem advisable, but the right is reserved unto the
Commissioners of Ridgely to reject any and all bids. If
no bids are received after such advertisement, or if all of
the bids received are rejected by the said Commissioners
of Ridgely, the said Commissioners of Ridgely are author-
ized and empowered to sell said bonds by private sale at
not less than par and accrued interest.

SEC. 4. And be it further enacted, That the proceeds
arising from the sale of said bonds shall be applied: first,
to the payment and refunding of all outstanding bonds and
promissory notes, obligations and floating debts aggregat-
ing Twenty-one Thousand Five Hundred Dollars ($21, -
500. 00) due and owing unto sundry persons, corporations
or banks by said municipal corporation, and, second,
Thirty-five Hundred Dollars ($3500. 00) to be used to re-