ALBERT C. RITCHIE, GOVERNOR. 1409

SEC. 2. And be it further enacted, That in the event said
loan is approved as hereinafter provided, that bonds shall be
issued by the Mayor and City Council of Havre de Grace for
the same in such denominations as the Mayor and City Council
shall deem wise, and said bonds shall bear interest at the rate
of not more than five per centum, per annum, payable semi-
annually on the first day of January and July, in each and
every year until said bonds are paid; and said bonds shall be
exempt from all State, county and municipal taxation, and
shall have printed on them a distinct reference to the Act
authorizing their issue, and said loan shall be known as the
Municipal Improvement Loan of 1924, and the proceeds from
the sale of said bonds shall by the said Mayor and City Council
be paid over to the said Municipal Improvement Commission
within thirty days after said proceeds from the sale of said
bonds shall have been received by the said Mayor and City
Council of Havre de Grace.

SEC. 3. And be it further enacted, That said bonds shall
be issued so that $4, 000 thereof shall become due and payable
one year from the date of their issue; and $4, 000 in each and
every year thereafter until the whole amount so issued shall
have been paid; and said bonds shall be sold at public or private
sale in such amounts, not less, however, than $500. 00 at any
one time, and not exceeding in the total said sum of $125, 000,
and at such times as the said Municipal Improvement Commis-
sion hereinafter appointed in their discretion may deem proper.
Said Municipal Improvement Commission shall if said bond
issue be ratified as herein provided, by written resolution
passed by a majority of said Commission, notify the Mayor
and City Council of the amount of money it requires from
time to time, in order to carry out the purpose or purposes
of this Act, and the said Mayor and City Council shall imme-
diately upon the receipt of said notice proceed to sell such
amount of bonds required as will provide said Municipal Im-
provement Commission with the amount of money stated in
said resolution or resolutions, and shall within ninety days
from the receipt of said resolution or resolutions of said Muni-
cipal Improvement Commission, have sold said bonds in the
amount requested, so that the actual receipt of the proceeds
requested shall reach and be placed in the hands of said
Municipal Improvement Commission.

SEC. 4. And be it further enacted, That the question of
whether said bonds shall be issued by the Mayor and City
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