452 LAWS OF MARYLAND. [CH. 255

CHAPTER 255.

AN ACT to authorize and empower the Mayor and Council
of Salisbury to borrow upon the faith and credit of Salis-
bury a sum of money not exceeding Two Hundred Thou-
sand Dollars ($200, 000. 00), and to issue and sell serial
bonds therefor of the par value of not exceeding Two Hun-
dred Thousand Dollars ($200, 000. 00), and to use the pro-
ceeds thereof for the purpose of extending and improving
the water system and water supply of Salisbury, and for
the purpose of extending, repairing and improving the sew-
erage and drainage systems of Salisbury; and directing that
the question as to the issuance of said bonds shall be sub-
mitted to the qualified voters of the City of Salisbury.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That for the purpose of providing funds for the
improvement, repairing and extension of the water, sewerage
. and drainage systems of Salisbury, the Mayor and Council
of Salisbury be and it is hereby authorized and empowered
to borrow from time to time a sum or sums of money not
exceeding in the aggregate Two Hundred Thousand Dollars
($200, 000. 00), upon the faith and credit of the City of Salis-
bury, and to issue and sell serial bonds therefor, which said

bonds shall be known as "Salisbury Water and Sewer Exten-
sion Bonds. "

SEC. 2. And be it further enacted,, That the said bonds to
be issued from time to time under this Act shall be either
registered or coupon bonds, issued in such denominations as
shall be determined by the Mayor and Council of Salisbury
by Ordinance, shall bear interest at a rate not exceeding five
per centum (5%), per annum, payable semi-annually, shall
all be serial type bonds, and shall all mature in not exceeding
fifty (50) years from the date of issue, and shall be forever
exempt from State, County and Municipal taxation. Said
bonds shall be signed by the Mayor of Salisbury, with the
seal of the City attached thereto, attested by the Clerk of
Salisbury, and if coupon bonds, the coupons thereon shall be
signed by the Clerk of Salisbury, or a fac-simile of his signa-
ture shall be stamped thereon. Said bonds, when signed and
attested as heretofore directed, shall be delivered to the
Clerk of Salisbury, and the bond of said Clerk of Salisbury
shall be responsible for the safekeeping of said bonds and the