EMERSON C. HARRINGTON, GOVERNOR. 225

SEC. 5. Be it enacted, That The Mayor and Aldermen of
Frederick is hereby authorized and empowered to sell said
bonds by bid upon sealed proposals, after having given at
least three weeks' public prior notice by advertisement in at
least two newspapers published in Frederick City, provided
that said bonds shall not be sold except for cash, and no bonds
hereby authorized to be issued shall be sold at less than their
par value. Said bonds when issued shall be exempt from
State, County and municipal taxation.

SEC. 6. Be it enacted, That The Mayor and Aldermen of
Frederick is hereby authorized and empowered to do all things
necessary for the issuance of said bonds and their offering for
sale under the most advantageous conditions, which it may
think proper, said bonds to be issued in such manner, for such
amounts, to bear such dates, to be payable at such times and
to bear such rate of interest as The Mayor and Aldermen
of Frederick shall by ordinance provide, and said bonds shall
be signed by the Mayor and City Register and the seal of the
Corporation of Frederick shall be attached thereto.

SEC. 7. Be it enacted, That The Mayor and Aldermen of
Frederick is hereby authorized and directed to apply the avail-
able net receipts derived from the Water System belonging to
the Corporation of Frederick for the payment of the interest
on the bonds, hereby authorized to be issued and for the pay-
ment of the principal of said bonds as the same shall become
due and payable, provided however that if the available net
receipts derived from water rents and applied to the payment
of the interest and principal on said bonds is not sufficient for
that purpose The Mayor and Aldermen of Frederick is hereby
authorized and directed to levy all necessary taxes upon the
taxable property within the corporate limits of said Corpora-
tion for the payment of the interest on said bonds and for the
payment of the principal of said bonds, as the same shall be-
come due and payable. All bonds authorized to be issued un-
der the provisions of this Act shall be what is known as Serial
Bonds, and a proportion of the principal of said bonds shall
be made payable annually, and said bonds may be issued in
whole or in part at any time after the passage of this Act, and
they shall fall due and become payable at stated periods at
which times they shall be taken up and redeemed; provided,
that no series of bonds authorized to be issued under this Act
shall extend over a period of more than thirty-five years from
the date of the issuance of said series. The sinking funds of
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