432 LAWS OF MARYLAND. [CH. 245

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor, Counsellor and Aldermen of the
City of Annapolis, a municipal corporation of the State of
Maryland, are hereby authorized and empowered to borrow
money upon the faith and credit of said municipality, in the
event said loan is approved as hereinafter provided, and to
issue and sell coupon bonds therefor for an amount not to
exceed two hundred and fifty thousand dollars ($250, 000. 00),
in such denominations and to bear such rate of interest, not
exceeding five per centum per annum, as may be determined
by the said Mayor, Counsellor and Aldermen of the City of
Annapolis. Said bonds shall be dated as of the first day of
June, 1927, and the interest thereon shall be payable semi-
annually on the first days of June and December in each
and every year until said bonds are paid; said bonds when
issued shall be signed by the Mayor of the City of Annapolis
and the corporate seal of the said City of Annapolis, attested
by the City Clerk, shall be affixed to each of said bonds, and
the interest coupons thereto attached shall bear the fac-simile
signature of the City Treasurer, printed, lithographed or en-
graved thereon.

SEC. 2. And be it further enacted, That said bonds shall
be known as "City of Annapolis, Water Improvement Bonds
of 1927" and shall be dated June 1st, 1927, as hereinbefore
provided, and that they shall mature and be payable in series
of ten thousand dollars ($10, 000. 00) of bonds on the first
day of June in each year thereafter, that is to say: Ten thous-
and dollars ($10, 000. 00) of bonds on June 1st, 1928, ten
thousand dollars ($10, 000. 00) of bonds on June 1st, 1929,
and so on to and including June 1st, 1952, when the remain-
ing ten thousand dollars ($10, 000. 00) of bonds shall mature
and be paid; and that said bonds and the interest thereon
shall be and remain exempt from the State, county and mu-
nicipal taxes of every kind whatsoever in the State of Mary-
land.

SEC. 3. And be it further enacted., That before any bonds
shall be issued and sold under the authority of this Act, the
question of such issue shall first be submitted to the legally
qualified voters of the City of Annapolis at a regular election,
or at a special election called for that purpose by the said
Mayor, Counsellor and Aldermen of the City of Annapolis,
to be held as are other special elections in said municipality;