ALBERT C. RITCHIE, GOVERNOR. 203

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That to provide funds to be used in the liquidation of
certain outstanding municipal debts and liabilities as herein-
after specified, the Mayor and Council of Pocomoke City is
hereby authorized in its discretion to borrow upon the credit
of the town of Pocomoke City an amount not exceeding fifty-
five thousand dollars, and to issue coupon bonds therefor in
sums not less than one hundred dollars and not more than one
thousand dollars each, said bonds to be signed by the Mayor of
said town and countersigned by the Treasurer thereof with the
corporate seal of said town attached; and to be designated as
Pocomoke City Floating Debt Bonds of 1924. Said bonds
shall be issued as of January 1, 1924, and shall bear interest
at a rate not to exceed five per centum per annum, payable
semi-annually on the first day of July and January in each
and every year until the said bonds are paid. Said bonds shall
be registered by the Treasurer in a separate book kept for that
purpose and shall forever be exempt from taxation for State,
County and Municipal and other local purposes and shall have
printed on them a distinct reference to the Act directing their
issue.

SEC. 2. Be it further enacted as aforesaid, That said issue
of bonds shall be numbered consecutively beginning with num-
ber one and shall mature and be payable in the order of their
numbers as follows: Three thousand dollars January 1, 1947,
and three thousand dollars January first of each year there-
after to and including January 1, 1963, and the remaining
four thousand dollars January 1, 1964. All said bonds may
be sold at either private or public sale or sales as a whole or
separately or in groups and at such place or places and at such
time or times as in the discretion of said Mayor and City Coun-
cil may seem advisable, until all of said bonds shall be sold;
but none of said bonds shall be sold at less than par and ac-
crued interest,

SEC. 3. Be it further enacted as aforesaid, That for the
purpose of redeeming said bonds at their maturity and for
securing the prompt payment of the interest thereon, the said
Mayor and City Council is hereby empowered and directed to
annually levy upon all the taxable property of said town such
sums of money as shall in its discretion be necessary for the
prompt payment of the interest on said bonds and the princi-
pal thereof when the same shall become due. All surplus aris-
ing from said special levy after the payment of said interest