HARRY W. NICE, GOVERNOR. 71

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved: April 29, 1935.

CHAPTER 47.

AN ACT to authorize and empower the Mayor and City
Council of Havre de Grace to issue and sell bonds, and to
use the proceeds arising from the sale thereof for the
purpose of retiring an issue of bonds of said Mayor and
City Council of Havre de Grace, known as "Water Works
Bonds" now outstanding and authorized by Chapter 176
of the Act of the General Assembly of Maryland 1922, —
which said bonds may be redeemed July 1, 1936.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Havre de
Grace, in Harford County, a municipal corporation, be and
it is hereby authorized and empowered to borrow upon the
faith and credit of said City of Havre de Grace a sum
not exceeding Two Hundred Thousand ($200, 000. 00) Dol-
lars, and to issue and sell bonds for said sum, said bonds
to be signed by the Mayor and countersigned by the Treas-
urer of said City, and to be sealed with the seal of said
City. Said bonds shall be known and designated as "Water
Works Refunding Bonds" and shall bear interest at a rate
not exceeding four (4) per cent, per annum, payable semi-
annually on the first day of July and January in each and
every year until said bonds are paid; said bonds shall
be exempt from all State, County and Municipal taxation,
and 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 such denomination as the said Mayor and
City Council shall by ordinance provide, and shall be pay-
able as to principal thereof in thirty years (30) from the
date of issue. Provided, however, that after the expira-
tion of ten (10) years from the date of issue, the Mayor
and City Council may, from time to time, upon any anni-
versary of the date of issue redeem any or all of said
bonds. If less than the whole issue is to be redeemed said
Mayor and City Council shall proceed to determine by lot