JOHN WALTER SMITH, ESQ., GOVERNOR.

21

and they are hereby authorized and empowered to issue bonds
in the name of the said municipal corporation to an amount
not to exceed five hundred and twelve thousand five hundred
dollars, the amount of the present outstanding bonds hereto-
fore issued by said municipal corporation under the Acts of
the General Assembly of Maryland, passed at the session of
eighteen hundred and eighty-eight, chapter forty-four and
chapter one hundred and ninety-five. The bonds issued
under the provisions of this section shall be issued in sums of
not less than one hundred dollars, nor more than one thousand
dollars each, to be signed by the Mayor of Frederick, and
countersigned by the City Register, and said bonds to be coupon
bonds and to bear interest at a rate not to exceed three and
one-half per cent, per annum, payable semi-annually on the
first day of January and July in each year, and each of said
bonds shall be payable thirty years after date to bearer,
redeemable, however, at the pleasure of said Mayor and
Aldermen of Frederick at any time after the expiration of
fifteen years from their respective dates.
SEC. 2. And be it enacted, That the said Mayor and Alder-

CHAP. 15.

Bonds to be
issued.

men of Frederick shall sell said bonds in such manner as
they believe will subserve the best interest of said city ; pro-
vided, however, that said bonds shall not be sold for less than
par in cash current money.

SEC. 3. And be it enacted, That said bonds shall be exempt
from all county and municipal taxation, and that the proceeds

Bonds to be

sold.

arising from the sale of the bonds authorized hereby to be
issued as aforesaid shall be applied exclusively to the payment
and satisfaction of the present outstanding four per cent,
bonds issued under the Acts of the General Assembly of
Maryland, passed at the session of eighteen hundred and
eighty-eight, chapter forty-four, and chapter one hundred and
ninety-five, amounting to five hundred and twelve thousand
five hundred dollars, which bonds will become redeemable on
July first in the year nineteen hundred and three, and to no
other use or purpose whatever; and nothing contained in the
provisions of this and the preceding sections shall be construed
to authorize said municipal corporation to issue bonds for any
greater amount than five hundred and twelve thousand five
hundred dollars, nor for any other purpose than herein speci-
fied.

Bonds
exempt from
taxation.

SEC. 4. And be it enacted, That the said Mayor and Alder
men of Frederick shall have full power and authority and are
hereby required to levy all necessary taxes upon the taxable
property within the taxable limits of Frederick city for pay-
ment of the interest on said bonds and for the payment of the

Taxes to be
levied.