114 LAWS OF MARYLAND. [CH. 44

is hereby authorized and directed to borrow on the faith
and credit of the City of Crisfield the sum of Thirty-six
Thousand and Five Hundred Dollars ($36, 500. 00) and to
issue coupon bonds therefor in sums of Five Hundred Dol-
lars ($500. 00), to be signed by the Mayor of Crisfield and
countersigned by the Treasurer of the Mayor and Council
thereof, with the seal of said municipal corporation af-
fixed thereto, and said bonds shall be designated as "Cris-
field Refunding Bonds of 1936" and shall be numbered con-
secutively from one (1) to seventy-three (73) inclusive, and
shall bear interest at a rate not exceeding four and one-half
per cent. (4% %) per annum, payable semi-annually on the
first day of February and August of each and every year,
and said bonds shall be exempted from all taxation for
State, county and municipal purposes in the State of Mary-
land and shall have printed on them a distinct reference to
this Act authorizing their issue.

SEC. 2. And be it further enacted, That the said bonds
to be issued under this Act shall mature in their numerical
order, Two Thousand Dollars ($2, 000. 00) annually in each
and every year beginning February 1st, in the year 1937,
and that said bonds, with interest thereon, shall be paid
and cancelled by the said Mayor and Council of Crisfield
in the amount of Two Thousand Dollars ($2, 000. 00) dur-
ing each and every year beginning as aforesaid until the
whole of said bonds shall have been paid, and the date of
issue shall be the same on all bonds under this Act, which
date shall be as of February 1st, 1936.

SEC. 3. And be it further enacted, That the Mayor and
Council of Crisfield is authorized and empowered to sell
said bonds at public sale to the highest bidder upon sealed
proposals after haying given at least ten days' prior notice
by advertisement in some newspaper published in Somer-
set County and by such other advertisement as the Mayor
and Council of Crisfield deem advisable, but the right is
reserved unto the Mayor and Council of Crisfield to reject
any and all bids. If no bids are received after such ad-
vertisement, or if all of the bids received are rejected by
the said Mayor and Council of Crisfield, the said Mayor
and Council of Crisfield is authorized and empowered to
sell said bonds by private sale at not less than par and ac-
crued interest.

SEC. 4. And be it further enacted. That the proceeds
arising from the sale of said bonds shall be applied to the