188 LAWS OF MARYLAND. [CH. 93

Dollars, bearing date the first day of July 1929 in the sum
of Five Hundred Dollars each; said bonds shall be num-
bered consecutively from one to forty, inclusive, and be signed
by the Mayor and countersigned by the Treasurer with the
seal of the corporation affixed, and bearing interest at a rate
to be fixed by the Mayor and Council of Mount Airy, not
exceeding five per cent. (5 per cent. ) per annum, payable
semi-annually on the first day of January and July in each
year; eight of said bonds are to mature and be payable one
year in the consecutive order of their number after the year
1942, Bond No. "1" falling due and being payable Janu-
ary 1, 1943, and Bond No. "2" falling due and being pay-
able January 1, 1944, and thereafter in their consecutive
numbers to continue to mature and be payable one a year
until the first day of January, 1951, and on said day and
thereafter the remaining thirty-two bonds shall mature and
be payable three a year, Bonds Nos. 9 and 10 maturing and
being payable January 1, 1951, and Bond No. "11" falling due
and being payable July 1, 1952, and the rest of said bonds
continuing to fall due and being payable three a year, two
on the first day of January and one of the first day of July
of each year thereafter, in their numerical order, until all
of the bonds are retired and redeemed as herein provided.

The Mayor and Council of Mount Airy may also, in its
discretion, provide for the redemption of said bonds at any
interest bearing period before maturity, upon such notice and
condition, and with or without a premium as it may deter-
mine. The bonds shall be sold at public sale for such price,
in such manner and amount, and on such terms and condi-
tions as the Mayor and Council of Mount Airy may deem
advisable, but not for less than their par value and accrued
interest.

SEC. 3 And be it further enacted, That the money derived
from the sale of said bonds shall be used and applied exclu-
sively to the extension of the present water system of the Town
of Mount Airy, and the paving and improving of its streets,
curbs and gutters, and for no other purposes save that out of
said money shall be paid the cost and expense incurred in the
preparation, issuing and sale of said bonds. And pending the
sale of said bonds in the year 1929, the Mayor and Council of
Mount Airy, if it has started work on the extension of said
Water System, or the improvement of said streets, curbs and
gutters, may borrow such sums of money as required from time