ALBERT C. RITCHIE, GOVERNOR. 589

sub-title "Port Deposit, " and to be known as Sections 267C,
267D. 267E and 267F, relating to the issuance of bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That four new sections be and the same are hereby added
to Article 8 of the Code of Public Local Laws of Maryland,
title "Cecil County, " sub-title "Port Deposit, " to follow Sec-
tion 267B of said Article 8 and to be known as Sections 267C,
267D, 26TE and 267F, and when so enacted to read as follows:

267C. The President and Commissioners of Port Deposit
are hereby authorized and empowered to borrow money on the
faith and credit of the town of Port Deposit, not to exceed
the sum of fifteen thousand ($15, 000) dollars, and to issue
bonds therefor, to be known as "Port Deposit General Purpose
Bonds"; said bonds when issued to be signed by the President
and countersigned by the Clerk, with the seal of said town
thereto attached.

267D. The said bonds to be issued under the preceding
section are to run for a period not exceeding thirty years from
the date of issue and shall be callable, by lot, at par at any
time after the expiration of fifteen (15) years from date of
issue and shall bear interest at five per centum (5%) per an-
num, payable semi-annually from the date thereof; that said
bonds shall be issued in denominations of one hundred ($100)
dollars, or multiples thereof not exceeding one thousand
($1, 000) dollars, to suit purchasers, and shall only be sold
after competitive bidding under sealed proposals after due
notice thereof, of the time and place of offer, in a daily news-
paper printed in the City of Baltimore, with four or more in-
sertions, and in a newspaper published in Cecil County for at
least two consecutive weeks, and none of said bonds shall be
sold for less than par and shall be offered for sale under such,
other conditions as the President and Commissioners of Port
Deposit shall prescribe; that said bonds may be issued in cou-
pon form or may be registered as to principal only or as to both
principal and interest.

267E. The President and Commissioners of Port Deposit
are hereby required within four years from the date of issue
of said bonds to create and maintain a sinking fund, annually,
which shall be sufficient in amount to redeem said bonds after
the expiration of fifteen (15) years from the date of issue
and the call of said bonds for redemption shall be made by
lot.