144 LAWS OF MARYLAND. [CH. 30

the governing body of the municipality may borrow suffi-
cient funds in advance to pay for such public works project
or projects and issue bonds as provided in this Act, re-
deemable or payable primarily in the manner provided in
Section 2, sub-section (e) of this Act, and such funds may
be borrowed and such bonds issued prior to the levy of such
special assessments or the determination of the governing
body of the municipality as to the amount of such special
assessments so to be levied.

SEC. 7. And be it further enacted, That the governing
body of any 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. 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 exceeding forty years from their respective dates, bear
interest at such rate or rates, not exceeding four percentum
(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 declared
or become due before the maturity date thereof, as such
resolution 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 maturity of the
money received for any issue of said bonds shall not exceed
four percentum (4%) 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 whatsoever in
the State of Maryland. In determining the cost of any
public works project, the following items may be included
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 proportion of the compensa-
tion costs and the engineering and legal expenses, of the
municipality; (b) the cost of issuance of the bonds, includ-
ing printing, advertising, accounting, legal and other
similar expenses; (c) any interest costs on money borrowed
or estimated to be borrowed during the period of construc-
tion of such public works project. The authorization and