HARRY W. NICE, GOVERNOR. 985

system, and to hold an election in the town of Ocean City,
to ascertain whether or not the qualified voters within
said municipal corporation, approve or disapprove the in-
stalling of the said plant and system.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Ocean City
be, and it is hereby, authorized and empowered to con-
struct, install, equip, maintain and operate an electric
lighting plant and lighting system f or manufacturing and
supplying electric current for lighting the streets, avenues,
alleys and ways of Ocean City, and for other municipal
purposes, and for supplying electricity for light, heat and
power to the residents of Ocean City and vicinity and to
fix rates and make contracts for supplying the same.

SEC. 2. And be it further enacted, That the said Mayor
and City Council of Ocean City be, and it is hereby, author-
ized and empowered to borrow on the credit of the said
municipal corporation, for the said purpose, a sum not to
exceed one hundred and fifty thousand dollars ($150, -
000. 00) and to issue its negotiable, interest-bearing coupon
bonds therefor, said bonds to be issued in denominations
of one thousand dollars ($1, 000. 00) each, and to bear in-
terest at a rate, not exceeding five per cent, per annum,
to be determined by the Mayor and City Council of Ocean
City, the interest to be payable semi-annually, the bonds
to be dated as of such date as the Mayor and City Council
determine, said bonds to be signed by the Mayor of Ocean
City and countersigned by the Treasurer of said town, and
to be sealed with the seal of the said municipal corpora-
tion; and the coupons attached to the bonds, to bear the
facsimile signature of the Treasurer of the Mayor and
City Council of Ocean City. Two thousand dollars
($2, 000. 00) principal amount of the said bonds shall be-
come due and payable on the 1st day of January, five years
hence from the date of issue, and two thousand dollars
($2, 000. 00), principal amount of said bonds, shall become
due and payable on the 1st day of each succeeding January
thereafter, until all of the said bonds have matured.

SEC. 3. And be it further enacted, That the said bonds
shall be designated as "Ocean City Electric Plant Bonds, "
and shall bear a reference to this Act authorizing their
issue.

The said bonds and all interest thereon, shall be exempt
from all State, County and Municipal taxes.