186

LAWS OF MARYLAND.

CHAP. 127.

line, telephone line, electric light or power lines, electric sub-
ways or gas or water conduits or pipe lines, without the con-
sent of the Mayor and City Council and subject to such fran-
chise tax and regulations as they may by ordinance prescribe.
152 A. For the purpose of retiring the floating debt of

Sum
of money
borrowed.
Bonds to be
issued.

Havre de Grace, the Mayor and City Council of said city are
hereby authorized and empowered to borrow on the credit of
said city an amount not exceeding the sum of twenty-five
thousand dollars, and to issue bonds of said city in payment
of the sum so borrowed. The said bonds shall be for sums
not less than one hundred dollars, nor more than one thousand
dollars, each to be signed by the Mayor, and countersigned by
the city treasurer, with the corporate seal of said city thereto
affixed ; and if registered bonds are issued, said bonds shall be
registered by the city clerk in a separate book to be specially
provided for that purpose. The said bonds shall be issued at
such time as the Mayor and City Council shall determine ;
they shall bear interest at the rate of not more than tive per
cent, per annum, payable semi-annually, at such place as the
Mayor and City Council shall designate, beginning six months
from the date of the issue ; said bonds shall be payable as to
the principal thereof in thirty years from the date of their
issue, and shall be forever exempt from all county and munici-
pal taxation for any purpose, and shall have printed on them
a distinct reference to the Act of Assembly authorizing the
issue thereof, and the said bonds shall not be eold for less than

How
proceeds of
sale to
be applied.

their par or face value. The proceeds of the sale of said
bonds shall be applied first to paying and liquidating the
present floating debt of said city, and the balance of said
proceeds, if any there be, shall be covered into the city
treasury. After the expiration of ten years from the issue of
said bonds the Mayor and City Council may, from time to
time, redeem them or any part of them, and if they determine
to redeem and pay only a part of said issue, then they shall
proceed to determine by lot which of said bonds are to be
redeemed, and when said bonds are thus selected for redemp-
tion, the Mayor and City Council shall give notice by adver-
tisement in the several newspapers published in said city of
the number or numbers of said bonds called in, and when and
where they are to be paid, and interest shall cease on said
called in bonds from and after the date fixed for their redemp-

Sinking fund.

tion. The Mayor and City Council of Havre de Grace shall
at all times preserve and keep as a sinking fund for the pay-
ment of the principal and interest of all the bonds of said
city, including those bonds which may be issued in pursuance
of this Act, all the money which under section one hundred
and ninety-two of chapter one hundred and eighty of the