208 LAWS OF MARYLAND. [CH. 91

The Mayor and Council of Hagerstown, as herein provided,
were issued at the interest rate of four per centum, per
annum, to become due and payable January 1st, 1957, fifty
years from date of issuances, and be redeemable after the
expiration of twenty-five years from date, and said twenty-
five year period having expired, said bonds can be redeemed
and paid off; and

WHEREAS, The Mayor and Council of Hagerstown now
desires to issue and sell Serial Coupon Bonds of said mu-
nicipal corporation, in an amount not exceeding $345, -
000. 00 par value and to expend the proceeds therefrom for
the purpose of redeeming and paying off the bonds hereto-
fore issued by said Washington County Water Company
and assumed by the said The Mayor and Council of Ha-
gerstown, as aforesaid; and

WHEREAS, it will be materially beneficial and advan-
tageous to the said The Mayor and Council of Hagerstown
to redeem and pay off said bonds and issue new bonds in
place thereof at a lower rate of interest, therefore,

SECTION 1. Be it enacted by the General Assembly of
Maryland, That The Mayor and Council of Hagerstown, a
municipal corporation of the State of Maryland, be, and it
is hereby authorized and empowered to issue and sell Serial
Coupon Bonds of said municipal corporation, in an amount
not exceeding $345, 000. 00 par value, and to expend the pro-
ceeds therefrom for the purpose of redeeming and paying
off the bonds heretofore issued by the Washington County
Water Company, a corporation, the payment thereof having
been assumed by said Municipal Corporation pursuant to
Chapter 58 of the Acts of the General Assembly of Mary-
land of 1918, and an Ordinance enacted and ordained by
The Mayor and Council of Hagerstown on the 1st day of
May, 1918.

SECTION II. Be it further enacted, That The Mayor and
Council of Hagerstown, be, and is hereby authorized and
empowered to sell said bonds by bid upon sealed proposals
to the highest responsible bidder or bidders after having
given at least two weeks' notice by advertisement inserted
in at least two newspapers published in the City of Hagers-
town, of the place, manner and terms of sale, and such
other notice as it shall deem proper. Said Bonds shall not
be sold except for cash and when issued shall be exempt
from state, county and municipal taxes.