824 LAWS OF MARYLAND.

SEC. 2. And be it enacted, That the said bonds shall be is-
sued in denominations of five hundred dollars, with coupons at-
tached thereto, for the payment of the interest thereon semi-
annually on the first day of January and July in each and
every year until the maturity thereof, said coupons to have the
signature of the town treasurer printed or written thereon.
Said bonds shall be dated the first day of July, A. D. 1910.;
shall bear interest from the date thereof at a rate not exceed-
ing five per cent, per annum, payable semi-annually as afore-
said, and shall be exempt from State, county and municipal
taxation. The said bonds shall be numbered from one to one
hundred, both inclusive, and shall be so issued that two thou-
sand dollars ($2,000) thereof, or four of said bonds, shall ma-
ture in every year from the date of issuing the same until the
whole shall have been paid off and redeemed; that is to say,
that bonds Nos. 1, 2, 3 and 4 shall be due and payable on
the first day of July, 1911; bonds Nos. 5, 6, 7 and 8 shall be
due and payable on.the first day of July, 1912; and so on, ac-
cording to their consecutive numbers; four of said bonds shall
he due and payable on the first day of July in every year suc-
ceeding their issuance until the whole shall have been paid and
redeemed, and whenever any bond or bonds shall have been
paid or redeemed it or they shall be cancelled and destroyed by
the Commissioners of Cambridge, and a note thereof made on
the minute book of the office.

SEC. 3. And be it enacted, That when the said bonds shall
be properly prepared and duly executed, as herein prescribed,
the said "The Commissioners of Cambridge" shall advertise
the same in two newspapers published in said town of Cam-
bridge, and in a newspaper in Baltimore City, if they shall
deem it advisable, inviting sealed proposals for the purchase of
said bonds, or any part thereof, with the privilege to the said
commissioners to reject any and all bids; provided that no bid
shall be accepted at less than par, together with such interest,
if any, as may have accrued from the first day of July, 1910,
the date of said bonds. The commissioners of Cambridge afore-
said may advertise the said bonds for such length of time, as in
their discretion is adequate notice to the public, and may offer
all of said bonds for sale at the same time, or may offer them
at different intervals in such instalments and amounts as they
may deem advantageous to the town in carrying on the work
for which the same are issued. The money arising from the
sale of said bonds, as well as that collected from assessments
made on abutting property, as hereinafter provided, shall be
kept as a separate fund by the town treasury, to be exclusively
used for the purposes of this Act, and all taxes levied and col-