ALBERT C. RITCHIE, GOVERNOR.                     63

CHAPTER 38.

AN ACT to authorize and empower the Major and Council
of Midland, Allegany County, Maryland, to issue and to sell
bonds for a sum not exceeding five thousand dollars ($5, 000)
for the purpose of refunding, exchanging and/or paying off
the Midland General Improvement Bonds authorized by
Chapter 54 of the Acts of the General Assembly of Mary-
land of 1916; to provide for the manner and terms for sale
of said bonds; to provide for the levy of a special tax for
the purpose of retiring said bonds at maturity; to make this
Act an emergency Act effective from the date of its passage,
said bonds to be known as Midland Refunding Bonds of
1931.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and Council of Midland, in Alle-
gany County, a municipal corporation, be and it is hereby
authorized and empowered to borrow on the faith and credit
of the said corporation a sum of money not to exceed five
thousand dollars ($5, 000), and to issue coupon bonds therefor
in the name of the said corporation, and to sell the same, which
said bonds shall be in the denomination of five hundred dollars
($500. 00), one hundred dollars ($100. 00) and fifty dollars
($50. 00); there shall be six $500. 00 bonds, and there shall be
ten $100. 00 bonds, and there shall be twenty $50. 00 bonds;
all of said bonds shall be signed by the Mayor and by the Clerk
of said Town of Midland, and shall be sealed with the corpo-
rate seal, and shall be denominated "Midland Refunding Bonds
of 1931, " and shall bear interest at the rate of five per cent,
per annum, payable semi-annually from the date of said bonds,
which interest may be evidenced by coupons to be attached
thereto, and said bonds shall be payable at a time not exceed-
ing fifteen years from the date of the issue of said bonds, and
shall be redeemable at the pleasure of the said corporation at
any time after two years from the date of their issue; said
bonds when issued shall be exempt from State, county and
municipal taxes.

SEC. 2. And be it further enacted, That the Mayor and
Council of Midland have the right and are hereby directed to
use the said bonds or the proceeds from the sale of the same
for the sole purpose of exchanging said bonds for bonds here-
tofore issued by the said Town of Midland under authority of