1232 LAWS OF MARYLAND. [CH. 630

lic body pursuant to general or special statutory authority
heretofore or hereafter granted, except that said term shall
not include bonds or other securities issued and sold or of-
fered for sale by the State of Maryland or by the Mayor and
City Council of Baltimore or by any Housing Authority
formed pursuant to the provisions of Article 44A of the Code
of Public General Laws of Maryland, nor shall it include the
following:

(1) Bonds, notes or other securities issued in anticipation
of the receipt of taxes or for current expenses or to meet emer-
gencies, having a maturity not greater than one year from
their date or dates of issue;

. (2) Bonds issued pursuant to a plan of refunding or re-
financing in exchange, bond for bond, for outstanding matur-
ing indebtedness other than current or floating indebtedness
and other than the bonds or notes described in sub-paragraph
(1) hereof, but including in this exception bonds issued pur-
suant to any plan of composition approved and adopted in a
proceeding under Chapter IX of the United States Bankruptcy
Act;

(3) For the purposes of Section 32 of this sub-title only,
bonds constituting part of a total authorized issue not ex-
ceeding $25, 000. 00 aggregate par amount thereof;

(4) Bonds sold by any public body to the United States of
America or any agency or instrumentality thereof;

(5) For the purposes of Section 32 of this sub-title only,
bonds to be sold to provide funds which, together with grants
of financial assistance, allocated by the United States of Amer-
ica, or any agency or instrumentality thereof, are to be ex-
pended on public works, where, in the opinion of the Attorney
General of Maryland, the contract, agreement or other writing
having reference to said grant or allocation, contains a stipu-
lation that said grant or allocation is conditioned upon the
public body first having entered into a contract with a pros-
pective purchaser for the sale of said bonds when issued.

32. All bonds hereafter sold or offered for sale by any
public body, pursuant to general or special authority hereto-.
fore or hereafter granted, shall, unless the enabling act au-
thorizing the issue and sale of said bonds shall specifically
exempt the same from the provisions of this section, or unless
such enabling act shall specify a different method of sale,
first be offered at public sale to the highest bidder or bidders
therefor upon due notice of such sale being given by adver-
tisement inserted at least twice in one or more daily or weekly
newspapers having a general circulation in the area in which
said public body is located, said sale to be held not sooner
than ten days following the first insertion of said advertise-