ALBERT C. RITCHIE, GOVERNOR, 349

CHAPTER 174.

AN ACT to authorize the Mayor and Town Council of Lona-
coning to issue bonds to the amount of twenty-five thousand
dollars for the purpose of general improvements within the
limits of the town of Lonaconing, and to provide for the
advertisement and sale of same, and the redemption of same
at maturity, with the interest thereon, when and as the same
becomes due and payable, and repealing any Act or part
thereof inconsistent herewith.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Town Council of Lonaconing be and
they are hereby authorized. and empowered to issue bonds to the
amount of twenty-five thousand dollars, and to sell the same;
said bonds shall be of the denomination of five hundred dollars,
and said bonds shall be exempt from State, county and muni-
cipal taxes; said bonds to be signed by the Mayor of the town
of Lonaconing, and attested by the Town Clerk, with the cor-
porate seal of the said town thereunto attached; said bonds to
bear interest at the rate of not more than five per cent, per
annum, payable semi-annually, for which interest proper cou-
pons are to be attached to said bonds, said bonds to be payable
to the amount of one thousand dollars, beginning with the
year 1927 and one thousand dollars in each year thereafter,
according to the serial number of said bonds. The Mayor
and Town Council of Lonaconing shall cause advertisements
to be inserted in at least two daily newspapers published with-
in Allegany County, once a week for not less than four suc-

cessive weeks, asking bids on said bonds, and stating time and
place when and where said bids shall be opened. The said
bids shall be filed with the Town Clerk of the town of Lona-
coning, and at the time advertised shall be opened by him in
the presence of the Mayor and Town Council of Lonaconing
in public meeting, and if the said bids are satisfactory in the
judgment of the said Mayor and Town Council then the said
Mayor and Town Council shall sell the said bonds to the high-
est bidders, and the Mayor and Town Council of Lonaconing
may, if in their opinion the bids are insufficient or unsatis-
factory, or for any reason, refuse any and all bids, and they
may readvertise for further bids as above specified from time
to time until all of said bonds are sold.

SEC. 2. And be it further enacted, That upon the issuance
of said bonds, the amount of money so received therefor shall

be placed in a fund and used by the Mayor and Town Council