142 LAWS OF MARYLAND. [CH. 89

the delivery of such bonds, then such signatures shall never-
theless be valid and sufficient for all purposes, the same as if
said officers had remained in office until such delivery.

SEC. 2. And be it further enacted, That the bonds shall be
issued to mature in serial form, and prior to the issuance and
sale of any of said bonds the governing body of such town shall
pass a resolution which shall recite that the bonds so issued
shall mature in serial form, and said resolution shall specify
the years in which each series shall mature, the series matur-
ing in each year, and the amount of bonds maturing under
each series, so that there shall appear in said resolution a
statement of the aggregate amount of said bonds to mature
and to be paid in each year until the final payment thereof, or
until the final payment of the total amount of said bonds so
to be issued. The respective series of bonds shall mature and
be payable annually after the maturity of the first series, and
the maturity of said first series shall be not later than five
years after being issued. In the event that the whole or any
part of said bonds are sold at public sale as hereinafter pro-
vided, the advertisement preceding said sale shall contain a
full copy of said resolution providing for the issue of said
bonds.

SEC. 3. And be it further enacted, That said bonds shall be
known as "Refunding Bonds of ————————", the space left
blank in the title of said bonds to be used for the insertion of
the year or years in which said bonds or any part thereof are
issued, and said bonds shall be further identified by series
letters in the event that they are not all issued and sold at one
time, and said bonds shall be issued to mature in not more
than fifteen years from the date or dates of issue thereof, and
the governing body of such town shall prescribe the medium
of payment of the principal of and the interest on said bonds,
and the place or places in Maryland or elsewhere at which
such principal or interest shall be payable. Said bonds may,
in the discretion of the governing body of such town be issued
subject to registration as to principal only, or as to principal
and interest, and subject to redemption prior to maturity by
and at the option of the governing body of such town, at such
price and under such terms and conditions as the governing
body of such town may determine prior to the issuance of said
bonds. The governing body of such town shall have the
authority to exchange any or all of the bonds authorized
hereby at any time for not less than an equal face amount of
the bonds, certificates of indebtedness or other obligations
authorized hereby to be refunded or retired, including bonds,
certificates of indebtedness or other obligations not matured
or redeemable, provided that the holders of such bonds, certifi-