326 LAWS OF MARYLAND. [€H. 144

bonds a$ provided in this Act redeemable or payable pri-
marily in the manner provided for in Section 64B, sub-
section (c) of this Act, and such funds may be borrowed
and such bonds issued prior to the levy of such special as-
sessments or to the determination of the governing body
of the municipality as to the amount of such special as-
sessments so to be levied.

64G. The governing body of the municipality shall
have power and is hereby authorized from time to time to
issue its negotiable bonds for the purpose of financing the
cost of any public works project, in the aggregate amount
not exceeding Fifty Thousand Dollars ($50, 000. 00). Said
bonds may be authorized by resolution of the governing
body and shall be issued in one or more series, shall bear
such date or dates, mature at such time or times, not ex-
ceeding thirty (30) years from their respective dates, bear
interest at such rate or rates not exceeding four per cent.
(4 %) per annum, payable at such time or times, be in such
denomination or denominations, be in such form, either
coupon or registered, carry such registration privileges, to
be executed in such manner, be payable in such medium
of payment, at such place or places, and be subject to such
terms of redemption, with or without premium, be de-
clared or become due before maturity thereof, as such reso-
lution or subsequent resolutions may provide. The bonds
may be sold at public or private sale in such blocks and for
such price or prices as the governing body shall determine,
provided that the interest cost to the maturity of the
money received for any issue of said bonds shall not ex-
ceed five per cent. (5%) per annum. Any and all of the
bonds issued pursuant to the provisions of this Act, and
the interest thereon, shall be and remain exempt from
State, County and Municipal taxes of every kind whatso-
ever in the State of Maryland. In determining the cost of
any public works project, the following items may be in-
cluded as a part of the cost of such public works project and
financed by the issuance of the bonds;

(a) engineering and inspection costs, accounting and
legal expenses, in which may be included a reasonable pro-
portion of the compensation costs, and the engineering and
legal expenses of the municipality;

(b) the cost of issuance of the bonds, including print-
ing, advertising, accounting, legal and other similar ex-
penses;