290 LAWS OF MARYLAND. [CH. 119

ized and empowered to issue coupon bonds at such times, in
such denominations and amounts as the said Mayor and Coun-
cil may from time to time determine by ordinance; said bonds
to be signed by the Mayor, with the seal of the City attached
thereto, attested by the Clerk of the Mayor and Council, the
coupons thereof to be signed by the Mayor or a fac-simile
of his signature stamped thereon and the same to bear interest
not to exceed five per cent per annum payable on the first
day of April and October, of each year; said bonds when
signed by the Mayor and attested by the Clerk as directed by
this Act shall be handed over to the Tax Collector of said City
who shall receipt for the same, which receipt shall be filed
with and safely kept by the Clerk of the Mayor and Council,
and bond of the said Tax Collector shall be responsible for
the safe keeping of the said bonds and the proceeds therefor.
The Tax Collector aforesaid shall sell said bonds at public
auction or by sealed bids after giving at least two weeks public
notice thereof by advertisements in one or more newspapers
published and circulated in Hagerstown and in the City of
Baltimore, if the Mayor and Council so determine, under the
supervision of and at such times and in such amounts and
denominations as the Mayor and Council shall by ordinance
prescribe; that no bonds shall be sold by sealed bids, except
at prices approved of by the Mayor and Council. The Tax
Collector shall deliver said bonds when so sold to the pur-
chaser or purchasers and receive the money therefor, includ-
ing any premiums thereon and shall report under oath to the
Mayor and Council his proceedings in the premises as soon
as possible after said sale with the name or names of the pur-
chasers to whom said bonds have been sold and delivered, to-
gether with the amounts received for each bond so sold and
said money, including said premiums, if any, shall be credited
by the Tax Collector on the books kept for that purpose to the
Street Repair and Construction Fund, to be applied to and
used exclusively for the grading, construction, repairing,
paving, repaving and macadamizing of streets and highways
of the City of Hagerstown. Said fund to be drawn out or on
by the Board of Street Commissioners of Hagerstown in the
manner provided for the payment of accounts for street pur-
poses, in Section 177 of Article 22 of the Code of Public
Local Laws of Maryland, the said bonds so issued to be, and
they are hereby exempt from County and Municipal taxation.