ALBERT C. RITCHIE. GOVERNOR. 183

to, for the payment of interest thereon semi-annually on the
first days of January and July in each and every year until
the maturity thereof, said coupons to bear the signature of the
Mayor and the Clerk to the Mayor and Common Council of
Manchester printed or written thereon. Said bonds shall be
dated the first day of July, 1925, shall bear interest from the
date thereof at a rate not to exceed 5 per cent per annum, paya-
ble semi-annually, and shall be forever exempt from municipal,
county and state taxation. The said bonds may be either serial
bonds or sinking fund bonds, and if serial bonds, shall be so
issued as to mature in thirty years from their date; but if said
bonds are sinking fund bonds, they shall be so issued as to
mature in forty years from their date. Provided, that if for
any reason, the commencement of the work of constructing the
water supply system shall be delayed beyond July 1, 1925, that
the said Mayor and Common Council of Manchester are author-
ized, empowered and directed to date all of said bonds at such
period of any year in which the work of construction is being
started, as may be suitable, and to fix the maturity of said
bonds at thirty years from their date if serial bonds, and at
forty years from their date if sinking fund bonds; and pro-
vided further, that the Mayor and Common Council of Man-
chester may, at their option, redeem any or all of said bonds at
any time after thirty years from their date of issue.

SEC. 4. And be it further enacted, That when said bonds
shall be executed as herein prescribed, the said Mayor and
Common Council of Manchester shall advertise the same in at
least one newspaper published in Carroll County, and in one
newspaper published in the City of Baltimore, inviting sealed
proposals for the purchase of said bonds, or any part thereof,
with the privilege of said Mayor and Common Council of Man-
chester to reject any or all bids. The Mayor and Common
Council of Manchester aforesaid may advertise the said bonds
for such length of time as in their discretion is adequate notice
to the public, and may offer all of said bonds for sale at the
same time, and may offer them at different intervals, in such
installments 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 Mayor and Common Council of Manchester, to be exclu-
sively used for the purpose of this Act, and all taxes, charges
and assessments levied and collected as hereinafter provided for
the payment of the interest and principal of said bonds shall