ALBERT C. RITCHIE. GOVERNOR. 247

be exempt from taxation for State, County and municipal and
other local purposes and shall have printed on them a dis-
tinct reference to the Act directing their issue.

SEC. 2. Be it further enacted as aforesaid, That said bonds
shall be issued in Series from one to ten inclusive, according
to the aggregate amount issued, each Series consisting of one
thousand dollars of said amount and redeemable and payable
in the order of the Series numbers as follows: one thousand
dollars January 1, 1939, and one thousand dollars January
first in each and every year thereafter until all of said bonds shall
have been redeemed and paid. Said bonds shall be sold at pub-
lic or private 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 Council may seem advisable, un-
til all of said bonds, or so much thereof as shall be necessary
shall be sold: but none of said bonds shall be sold at less than
par and accrued interest.

SEC. 3. Be it further enacted as aforesaid, That for the pur-
pose of redeeming said bonds at maturity and for securing the
prompt payment of interest thereon the said Mayor and Coun-
cil is hereby authorized and directed to annually levy on all
the taxable property of said town such sums of money as is in
the judgment of the Mayor and City Council of Ocean City
shall be necessary for the prompt payment of the interest on
said bonds and the principal thereof when the same shall be-
come due, and any surplus on hand at any time arising from
such levy, shall be by the said Mayor and Council invested in
some safe securities as a sinking fund which shall not at any
time be diverted from the purposes of this Act. The money
arising from the sale of said bonds shall be paid to the Mayor
and Council of said town and by the said Mayor and Council
deposited in some safe bank and shall only be drawn therefrom
on checks signed by the Mayor and countersigned by the Sec-
retary and Treasurer.

SEC. 4. Be it further enacted as aforesaid, That the Mayor
and Council of Ocean City shall select some depository in which
to deposit the money necessary for the payment of the princi-
pal and interest on said bonds when the same mature and be-
come due and shall designate said bank on said bonds and the
coupons thereto attached.

SEC. 5. Be it further enacted as aforesaid, That the money
arising from the sale of said bonds, or so much thereof as may be