460 LAWS OF MARYLAND. [CH. 218

shall have printed on them a distinct reference to the Act
authorizing their issue.

SEC. 2. And be it further enacted, That said bonds shall
be issued in denominations of $1000 each and shall be pay-
able as to principal thereof in twenty-five (25) years from
the date of issue, said bonds shall be serial coupon bonds
and so issued that one bond shall become due and be paid
December 1 each year. Provided, however, that after the
expiration of five (5) years from the date of issue, the
Mayor and Town Council may, from time to time, upon
any anniversary of the date of issue redeem any one or all
of said bonds. If less than the whole issue is to be redeemed
said Mayor and Town Council shall proceed to determine by
lot which of said bonds are to be redeemed, and when said
bond or bonds are thus selected for redemption, the Mayor
and Town Council shall give notice to the holder thereof
by registered mail, if known, and if the holder is not known,
then the Mayor and Town Council shall give notice by ad-
vertisement inserted in two newspapers if so many be pub-
lished in said town, of the number of said bond or bonds
selected for redemption, and when and where it is to be
paid, and interest shall cease on said called in bond or bonds
from and after the date fixed for redemption.

SEC. 3. And be it further enacted, That said bonds shall
be sold either at public or private sale, but shall not be sold
for less than par, and said Mayor and Town Council shall
provide by ordinance, for the time, place and manner of
sale. The proceeds derived from the sale thereof shall be
paid to the Mayor and Town Council of Oakland, Maryland,
and be by it deposited in some bank in Oakland and be used
for the construction of new Water Reservoir for said town.

SEC. 4. And be it further enacted, That the Mayor and
Town Council of Oakland be and it is hereby authorized
and directed to levy and collect taxes each year to pay the
interest on and to redeem said bonds as they become due.

SEC. 5. And be it further enacted, That this Act shall
not become effective until it shall have been submitted, for
adoption, or rejection, to the qualified voters of the town
of Oakland at the special election to be held on Monday,
June 3, 1935. There shall be printed on the ballots to be
used at said election, the title of this Act and underneath
said title on separate lines, a square or box to the right
of and opposite the words "For Reservoir Bonds", and a
corresponding square or box to the right of and opposite