1206 LAWS OF MARYLAND. [CH. 606

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Council of Crisfield, a municipal
corporation in Somerset County, be and it is hereby author-
ized to borrow Fifty Thousand Dollars ($50, 000. 00) upon the
faith and credit of said town by the issue and sale of coupon
bonds as hereinafter provided for the purpose of improving
the streets and roads within said municipality. The Mayor
and Council of Crisfield may borrow said sum. and issue bonds
therefor from time to time as it sees fit, but not after June 1st,
1940.

SEC. 2. And be it further enacted, That the Mayor and Coun-
cil of Crisfield may provide by ordinance or ordinances for
the issue and sale of said bonds for the purposes and in the
manner set forth in this Act. Before said bonds shall be
issued, the Mayor and Council shall advertise, in a newspaper
having a general circulation in Somerset County, once a week
for not less than two consecutive weeks next preceding the
time set for filing the bids and shall state in said advertise-
ments, among other things, the time and place for opening the
bids. The bids shall be filed with the city clerk and, at the
time and place advertised, shall be opened by him in the
presence of the Mayor and Council at a public meeting. If
said bids are satisfactory, the Mayor and Council shall sell
the bonds to the highest bidder, but if, in the opinion of the
Mayor and Council, all bids are insufficient or unsatisfactory
for any reason, then the Mayor and Council may refuse all
bids and readvertise from time to time in the manner above
specified until all the bonds are sold.

SEC. 3. And be it further enacted, That said bonds shall
be issued in denominations of One Hundred Dollars ($100. 00)
or any multiple thereof as the Mayor and Council may see fit;
shall be signed by the Mayor of said municipal corporation,
attested by the City Clerk and have the corporate seal at-
tached; shall bear interest at a rate not to exceed four per
centum (4%) per annum, payable semi-annually; shall be in
coupon form, registerable as to principal only; shall contain
a distinct reference to this Act authorizing the issuance of the
same; shall be numbered consecutively beginning with the
Number One (1); and shall mature serially at the rate of
Twenty-five Hundred Dollars ($2, 500. 00) each year, beginning
one year from the date of issue. Subject to the provisions of
this Act, the Mayor and Council may prescribe the form and
tenor of said bonds, which shall be forever exempt from all
Maryland State, County and municipal taxation.

SEC. 4 And be it further enacted, That the money derived
from the sale of said bonds shall be used exclusively for the