HARRY W. NICE, GOVERNOR. 93

CHAPTER 32.

AN ACT to authorize the Mayor and City Council of Havre
de Grace to issue and sell not exceeding Two Hundred
and Forty-Seven Thousand Dollars ($247, 000. 00) prin-
cipal amount of the coupon bonds of said city, to mature
in part serially over a period of twenty years from their
date of issue and in part at the end of said twenty year
period, subject to prior redemption, the proceeds to be
used exclusively for the refunding of certain outstand-
ing obligations of said municipality; prescribing the ob-
ligations to be refunded and the manner in which the
same shall be accomplished, providing for the payment
primarily of a portion of said bonds and the interest
thereon out of the revenues derived from the operations
of the Havre de Grace Water Plant, and the balance from
a general tax levy; prescribing the duties of the Mayor
and City Council of Havre de Grace and the Municipal
Utilities Commission of Havre de Grace with reference
to said issue of bonds; and repealing Chapter 47 of the

Acts of 1935.

SECTION 1. Be it enacted by the General Assembly of"
Maryland, That The Mayor and City Council of Havre de
Grace be and it is hereby authorized and empowered to is-
sue and sell on its faith and credit not exceeding two hun-
dred and forty-seven thousand dollars ($247, 000. 00) prin-
cipal amount of the coupon bonds of said City, the proceeds
of the sale of said bonds to be used exclusively for the pur-
pose of refunding certain funded obligations of said mu-
nicipality as hereinafter described. Said bonds so author-
ized hereby shall be known as "Havre de Grace Refunding
Bonds of 1936, " shall be in such form and denominations
and shall bear such date or dates of issue, shall be sold
either at public or private sale at not less than par, and
shall bear such rate of interest not exceeding four per
centum (4%) per annum as The Mayor and City Council
of Havre de Grace may by Ordinance determine. Said
bonds shall be issued to mature in three series, to be desig-
nated respectively Series A, Series B and Series C. Of
said bonds one hundred thousand dollars ($100, 000. 00)
face amount thereof shall be designated as Series A, shall
be numbered consecutively from No. one (1) to No. one
hundred (100), both numbers inclusive, and shall mature
and be payable in the order of their consecutive numbers
in annual serial instalments of five thousand dollars
($5, 000. 00) face amount thereof over a period of twenty