1480 LAWS OF MARYLAND. [CH. 593

and July in each and every year until the maturity thereof,
said coupons to bear the signatures of the President and Clerk
to the Commissioners of Delmar, printed or written thereon.
Said bonds shall be dated the first day of July, in the year
1924, shall bear interest from the date thereof at a rate not to
exceed 5 per cent, per annum, payable semi-annually, and shall
be forever exempt from municipal and county taxation. The
said bonds shall be a lien on all of the property within or out-
side of the corporate limits of the Town of Delmar, Maryland,
under the jurisdiction of said Commissioners. They may be
either serial bonds or sinking-fund bonds, and if sinking-fund
bonds, shall be so issued as to mature in not more than fifty
years from their date, and may be issued so as to mature in not
less than thirty years from their date of issue. If for any
reason the commencement of the work of constructing the sew-
erage systems shall be delayed beyond July 1, 1924, then the
said Commissioners of Delmar are authorized, empowered and
directed to date all of said bonds at such period of any year
in which the work of construction shall be started, as may be
suitable, and to fix the maturity of said bonds at not more than
fifty years from their date, if sinking-fund bonds, with the pro-
vision that they may be matured in not less than thirty years
from their date.

SEC. 3. And be it further enacted, That when said bonds
shall be executed as herein prescribed, the said Commissioners
of Delmar shall advertise the same in at least one newspaper
published in Wicomico County and may advertise the same in
at least one newspaper in the City of Baltimore, inviting sealed
proposals for the purchase of said bonds, or any part thereof,
with the privilege of said Commissioners of Delmar to reject
any or all bids. The Commissioners of Delmar aforesaid may
advertise the said bonds for such length of time as in their dis-
cretion is adequate notice to the public, and may offer all of
said bonds for sale at the same time, or may offer them at dif-
ferent intervals in such instalments and amounts as they may
deem advantageous to said town in carrying on the work of
constructing or acquiring the property for which the same are
issued. The money arising from the sale of said bonds shall
be kept as a separate fund by the Treasurer of the Commis-
sioners of Delmar to be exclusively used for the purposes of
this Act, and all taxes, charges and assessments levied and col-
lected as hereinafter provided for the payment of the interest
and principal of said bonds shall be likewise kept as a separate
fund by said Treasurer.