HERBERT R. O'CONOR, GOVERNOR. 195

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Commissioners of Denton, a municipal
corporation of Caroline County, be and are hereby author-
ized and empowered to borrow on the faith and credit of
the town of Denton the sum of Thirty-four Thousand Dol-
lars ($34, 000. 00), and to issue coupon bonds therefor in
the sum of One Thousand Dollars ($1, 000. 00) each, to be
signed by the President of the Commissioners of Denton
and countersigned by the Clerk of the Commissioners of
Denton with the seal of the Commissioners of Denton af-
fixed thereto, said bonds shall be designated as "Denton Re-
funding and Improvement Bonds" which shall be numbered
consecutively from one (1) to thirty-four (34) inclusive
and shall hear interest at the rate of not exceeding three
and one-half (3½) per centum per annum, payable semi-
annually on the first day of May and November of each and
every year, accounting from the first day of May, Nineteen
hundred and Thirty-nine, and said bonds and interest there-
on shall be forever exempt from all taxation for State,
County and Municipal purposes in the State of Maryland,
and shall have printed on them a distinct reference to this
Act authorizing their issue.

SEC. 2. And be it further enacted, That the said bonds
to be issued under this act shall mature in their numerical
order Two Thousand Dollars ($2, 000. 00) annually, each
and every year beginning May 1st, 1945, and two (2) of
said bonds in their numerical order, amounting to Two
Thousand Dollars ($2, 000. 00) with interest thereon, shall
be paid by the Commissioners of Denton during each and
every year, beginning as aforesaid, until the whole of said
bonds shall be paid, and the date of issue shall be the same
on all bonds under this act, which date shall be May 1,
1939.

SEC. 3. And be it further enacted, That the Commis-
sioners of Denton, a municipal corporation, are authorized
and empowered to sell said bonds to the highest bidder
upon sealed proposal, after having given at least ten days
notice in some newspaper printed and published in Caro-
line County and by such other advertisement as the Com-
missioners of Denton shall deem advisable, but the right is
reserved unto the Commissioners of Denton to reject any
and all bids. If no bids are received after such advertise-
ment or if all the bids are rejected by the Commissioners
of Denton, the said Commissioners of Denton are author-
ized and empowered to sell the said bonds at private sale
at not less than par value and accrued interest.