968 LAWS OF MARYLAND. [CH. 345
CHAPTER 345.

AN ACT to authorize and empower the Mayor and Council-
men of Frostburg to issue bonds to be known as "Water
Improvement Bonds of 1929, " to the amount of Fifty
Thousand Dollars ($50, 000. 00) and to sell the same, and
to use the proceeds thereof for the purpose of increasing,
improving, repairing and extending, and the other neces-
sary purposes heretofore and hereafter affecting the water
system and supply of the said City, and to provide for the
advertisement of the same.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and Councilmen of Frostburg be
and they are hereby authorized and empowered to issue "Water
Improvement Bonds of 1929" to the amount of Fifty Thou-
sand Dollars ($50, 000. 00), payable at the end of forty years
from the date of issue, and to sell the same; said bonds to be
of the denomination of One Thousand ($1, 000. 00) Dollars,
and shall be exempt from State, county and municipal taxes;
said bonds to be signed by the Mayor of the City of Frostburg,
and attested by the City Clerk, with the corporation seal
of the city thereto attached, and to bear interest at the rate
of not more than five per cent, per annum, payable semi-an-
nually, for which interest proper coupons are to be attached
to said bonds.

SEC. 2. And be it further enacted, That the said Mayor
and Councilmen shall, by ordinance, cause advertisement to
be made, setting the time and place where bids conditioned as
may be required by said ordinance will be opened for the sale
of said bonds, reserving unto itself the right to reject any
and all bids. Said bids shall be filed with the City Clerk
of the City of Frostburg, and at the time and place advertised
shall be opened by him in the presence of the Mayor and
Councilmen, and if said bids be satisfactory to the Mayor
and Councilmen, it shall sell said bonds, or any part thereof,
to the highest bidder or bidders, of whose ability to comply
with the terms of sale the said Mayor and Councilmen in its
discretion is satisfied.

SEC. 3. And be it further enacted, That upon the sale of
said bonds, the proceeds thereof shall be placed in a separate
fund, and used by the Mayor and Councilmen for the purpose