1496 LAWS OF MARYLAND. [CH. 680

providing buildings and equipment for the city fire depart-
ment and improving the streets of the city, and for no other
purposes, be and they are hereby authorized and empowered
to borrow on the faith and credit of said city an amount not
to exceed thirty thousand dollars ($30, 000), and to issue bonds
of said city in payment of the sum so borrowed; said bonds
shall be for sums of not less than one hundred dollars
($100. 00), nor more than one thousand dollars ($1, 000. 00)
each, to be signed by the Mayor and countersigned by the city
treasurer, with the corporate seal of said city thereto affixed;
said bonds to bear interest at the rate of five per cent, per
annum, payable semi-annually on the first day of June and the
first day of December of each year, until the principal is paid
or the bonds called in. Said bonds shall be exempt from
county and municipal taxation, and shall have printed on them
a distinct reference to this Act as authorizing the issue there-
of, and the said bonds shall be issued to mature not earlier
than the first day of June, in the year 1938, and said bonds
shall not be sold for less than par or their face value.

Section 393. After the expiration of ten years from the
date of 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 or pay off a part of said bonds,
they shall have the right to determine by lot which of them
are to be redeemed, and when said bonds are selected for
redemption, the Mayor and City Council shall give notice by
advertising in two newspapers published in said city (if so
many) of the number or numbers, of the bonds called in, and
when and where they are to be paid, and the interest on said
bonds so called in shall cease from and after the date fixed
for their redemption.

Section 394. The Mayor and City Council of Havre de
Grace shall at all times keep and preserve as a sinking fund
for the payment of the principal and interest of the bonded
debt created under and by virtue of this Act, all the money
they are authorized to receive from the sale of hotel liquor
license, as provided in Section 192, Chapter 180, Acts of the
General Assembly of Maryland of 1890. The said Mayor and
City Council shall incorporate into the bonds issued under
and by the authority of this Act, as a part of the contract be-
tween the corporation of the city of Havre de Grace and the
purchaser or purchasers of said bonds, as security for the pay-
ment of the principal and interest thereof as the same shall