HERBERT R. O'CONOR, GOVERNOR. 1231

sections; said Section 32 requiring that, unless the enabl-
ing Act authorizing the same shall otherwise provide, all
bonds or other securities as defined in Section 31, hereafter
sold or offered for sale by any public body as defined in Sec-
tion 31, except the State of Maryland and the Mayor and
City Council of Baltimore, shall first be offered for sale at
public sale to the highest bidder or bidders therefor, upon
due notice of such sale being given by advertisement, subject
to the right of such public body to reject any and all of such
bids and to sell said bonds privately at not less than the
amount of the highest bid therefor at said public offerings;
and said Section 33 specifying that no such bonds or securi-
ties as defined in Section 31 shall hereafter be issued by
any public body as defined in Section 31, unless otherwise
specifically provided in the enabling act authorizing the
same, except upon a serial maturity plan, the last of such
series to mature within the maximum period of maturity
set forth in a schedule contained in said section prescrib-
ing maximum maturity limits for different types of such
bonds dependent upon the public purposes for which the
same are issued.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new sub-title and three new sections be and they
hereby are added to Article 31 of the Code of Public General
Laws of Maryland, title "Debt—Public", said new sub-title to
be known as "Conditions Upon Sale of Public Securities" and
said new sections to be known as Sections 31, 32 and 33, re-
spectively, and said new sub-title and said new sections to
read as follows:

Conditions Upon Sale of Public Securities.
31. The following terms, wherever used or referred to in
this sub-title, shall have the following meanings unless a dif-
ferent meaning clearly appears from the context:

(a) The term "public body" shall mean any county, munic-
ipal or public corporation or other political sub-division of
this State or any instrumentality or agency of this State or
of any county, municipal or public corporation or other polit-
ical subdivision thereof, except that said term shall not be
construed to include this State, the Mayor and City Council of
Baltimore or any Housing Authority formed pursuant to the
provisions of Article 44A of the Code of Public General Laws
of Maryland.

(b) The term "bonds" shall mean bonds, interim certifi-
cates, revenue bonds or other obligations limited as to source
of payment, notes, certificates or indebtedness or other obliga-
tions hereafter issued and sold or offered for sale by any pub-