1282 LAWS OF MARYLAND. [CH. 638

rate of not more than five per centum per annum payable semi-
annually, for which interest proper coupons are to be attached
thereto, said bonds to become due and payable at a time not
exceeding twenty-five years after their date and to be redeem-
able at the pleasure of said corporation at any time after ten
years from, their date. Before said bonds are issued the Mayor
and Councilmen shall cause an advertisement to be inserted in
at least two daily newspapers printed and circulated in Alle-
gany County once a week for not less than two consecutive
weeks, asking bids on said bonds and stating the time and
place when and where the bids will be opened. Said bids shall
be filed with the City Clerk and at the time advertised shall
be opened by him in the presence of the Mayor and Council-
men in public meeting; and if the said bids are satisfactory, the
Mayor and Councilmen shall sell the said bonds to the highest
bidder or bidders. The Mayor and Councilmen may, if in their
opinion the bids are insufficient or unsatisfactory, or for any
reason, refuse any and all bids and may re-advertise for further
bids in the manner above specified from time to time until all
said bonds are sold.

SEC. 2. And be it further enacted, That upon the issuance
and sale of said bonds the amount of money so received there-
from shall be divided into two equal portions and placed in
two separate funds; the first of which fund shall be designated
the "Refunding Floating Debt Fund" and from which fund
the Mayor and Councilmen of Frostburg is hereby authorized
and directed to pay the floating debt now existing and due to
corporations or individuals for money borrowed by said munic-
ipality. The other fund shall be known as the "Street Im-
provement Fund" and one half the proceeds derived from the
sale of said bonds shall be placed in said fund and used by the
Mayor and Councilmen for paving and re-paving, grading
and re-grading such streets, lanes and alleys or parts thereof,
as they shall deem proper under all the powers given the said
Mayor and Councilmen under Section 153 of Article 1 of the
Code of Public Local Laws as amended by the General Assem-
bly of Maryland in 1922, with all the rights and privileges to
the said Mayor and Councilmen of Frostburg to file liens and
collect the same as is therein secured to said Mayor and Coun-
cilmen by said Section, and when any amounts are collected
against property holders by reason of said improvements, the
money so collected shall be again placed in the said "Street
Improvement Fund" and used for said purposes of new im-
provements on other streets, and the same system of collecting
the money and of making improvements on said streets shall
continue until such time as the Mayor and Councilmen may
direct or until such funds may have become exhausted.