266 LAWS OF MARYLAND. [CH. 126

to date, notwithstanding any appeal or further proceeding upon
the part of the defendant; at the time of said payment, how-
ever, it shall give its corporate undertaking to abide by and
fulfill any judgment on such appeal or further proceeding.

SEC. 3. And be it further enacted, That the said bonds shall
be issued in such form and denominations as the Mayor and
Council of Mt. Airy deems best, with coupons attached thereto,
for the payment of interest thereon semi-annually on the first
days of January and July in each and every year until the ma-
turity thereof, said coupons to bear the signature of the Mayor
and the Clerk to the Mayor and Council of Mt. Airy, printed
or written thereon. Said bonds may be dated the first day of
July, 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 taxa-
tion. The said bonds may be either serial bonds or sinking
fund bonds, and if serial bonds, shall be so issued as to mature
within at least thirty years from their date; but if said bonds
are sinking fund bonds, they shall be so issued as to mature in
thirty-five years from their date. If for any reason the com-
mencement of the work of constructing the water supply sys-
tem shall be delayed beyond July 1, 1924. then the said Mayor
and Council of Mt. Airy is authorized, 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 from that date.

SEC. 4. And be it further enacted, That when said bonds
shall be executed as herein prescribed, the said Mayor and
Council of Mt. Airy shall advertise the same in at least one
newspaper published in Carroll County, and may advertise 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 Council of Mt.
Airy to reject any or all bids. The Mayor and Council of Mt.
Airy aforesaid may advertise the said bonds for such length of
time as in its 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 it 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 Coun-
cil of Mt. Airy, to be exclusively used for the purpose of this