ELIHU E. JACKSON, ESQUIRE, GOVERNOR. 43

	Chapter 44. AN ACT to authorize the mayor and aldermen of Frederick to issue bonds for the purpose of redeeming the present outstanding bonds of said municipal corporation. SECTION 1. Be it enacted by the General Assem-
	bly of Maryland, That the mayor and aldermen of Frederick be and they are hereby authorized to issue bonds in the name of the said muni- cipal corporation to an amount not exceeding five hundred and twelve-thousand five hundred dollars, the amount of the present outstanding	Authorized to issue bonds.
	bonds heretofore issued by said municipal cor- poration. The bonds issued under the provis- ions of this act shall be issued in sums of not less than one hundred dollars nor more than five thousand dollars each, 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 five years from	How Issued.
	their respective dates, and shall bear interest in the meantime at the rate of four per centum per annum, payable semi-annually, according to the tenor of the coupons for said interest to be attached to said bonds, and the bonds to be issued under the provisions of this act are	Amount of interest.
	hereby exempted from municipal and county taxation, provided, however, that said bonds shall not be sold for less than par or the face value thereof in cash current money. SEC. 2. And be it enacted, That the proceeds	Exempted from taxation.
	of the sale of the bonds hereby authorized to be issued shall be applied to the payment and satisfaction of the present bonded indebted- ness of said municipal corporation, consisting of bonds known as "railroad bonds," amount- ing to two hundred and fifty thousand dollars ; of bonds known as "bank bonds," amounting to one hundred and twenty-three thousand dollars; of bonds known as "market-house bonds," amounting to fifty-five thousand dollars ; of bonds known as "water works bonds," amounting to thirty -four thousand five hundred	Proceeds- how applied.