846 LAWS OF MARYLAND.

each, and each of said bonds shall be payable forty years after
date to bearer, redeemable, however at the pleasure of the
Mayor and Alderman of Frederick, at any time after the ex-
piration of twenty years from their respective dates, and said
bonds shall bear interest, in the meantime at a rate not ex-
ceeding four and one-half 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 hereby
authorized to be issued under the provisions of this Act are
hereby exempt from municipal and county taxation in Freder-
ick County.

SEC. 3. And be it enacted, That the Mayor and Alderman
of Frederick is hereby authorized and empowered to sell said
bonds at public sale to the highest bidders, after having given
at least three weeks' public prior notice by advertisement in at
least two newspapers published in Frederick County, and such
other notice as the Mayor and Alderman of Frederick may
think proper; or if the said the Mayor and Alderman of Fred-
erick believes the interests of said corporation will be the
best subserved thereby, said bonds may be sold by bid upon
sealed proposals, after having given notice prescribed above
for a public sale, provided, however, that said bonds shall not
be sold except for cash, and it is hereby further expressly pro-
vided that none of said bonds shall be sold at less than their
par value, and that the money arising from the sale of the
bonds authorized hereby to be issued as aforesaid, shall be ap-
plied exclusively to the payment of the present floating indebt-
edness of said corporation.

SEC. 4. And be it enacted, That the Mayor and Alderman of
Frederick shall have full power and authority; and is hereby
required to levy all necessary taxes upon the property within
the taxable limits of said corporation for the payment of the
interest on said bonds hereby authorized to be issued, and for
the payment of the principal thereof at maturity thereof; and
shall create a sinking fund for that purpose, and levy the nec-
essary taxes therefor; provided that not less than two cents
shall be leived upon each one hundred dollars' worth of prop-
erty within the taxable limits of said corporation, for said
sinking fund, in each and every year from the date of said
bonds; and the said the Mayor and Alderman of Frederick is
further authorized and empowered to pass all ordinances and
to do all things necessary for the issuance of said bonds, and
their offering for sale in accordance with the provisions and
conditions contained in this Act.

SEC. 5. And be it further enacted, That this Act shall take
effect from the date of its passage.

Approved March 23, 1910.