170 LAWS OF MARYLAND. [CH. 85
CHAPTER 85.

AN ACT to authorize and empower the Mayor and City
Council of Ocean City to issue and sell coupon bonds of said
town to the amount of twenty-five thousand dollars to pro-
vide a fund for street improvements and extension and
betterment, of the water system and sewerage system of
Ocean City, and for such other proper public purposes as in
the judgment of the said Mayor and City Council may seem
advisable.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Ocean City is
hereby authorized and empowered to borrow on the credit of
the said town am amount not exceeding twenty-five thousand
dollars and to issue coupon bonds therefor in sums of one thou-
sand dollars each, to be signed by the Mayor of said town and
to be countersigned by the Treasurer thereof with the seal of
the said town attached, and to be designated as Ocean City
Improvement Bonds of 1929. Said bonds shall be issued as
of January 1, 1929, and shall bear interest at the rate of
five per cent, per annum, payable semi-annually on the first
day of July and January in each and every year until the
said bonds are paid. Said bonds shall be registered by the
Treasurer in a separate book kept for that purpose and shall
forever be exempt from taxation for State, county and munici-
pal and other local purposes and shall have printed on them
a distinct reference to the act directing their issue.

SEC. 2. Be it further enacted as aforesaid, That said issue
of bonds shall be numbered consecutively beginning with num-
ber one and shall mature and be payable in the order of their
numbers as follows: Two thousand dollars January 1, 1939,
and two thousand dollars January first of each year thereafter
to and including January 1, 1950, and the remaining one
thousand dollars January 1, 1951. Said bonds shall be sold at
public or private sale or sales as a whole or separately or in
groups and in such place or places and at such time or times
as in the discretion of the Mayor and City Council may seem
advisable, until all of said bonds, or so much thereof as may
be necessary, shall be sold; but none of said bonds shall be
sold at less than par and accrued interest.