396 LAWS OF MARYLAND. [CH. 235

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Council of Mt. Airy, a municipal
corporation, in Carroll and Frederick Counties, Maryland, be
and it is hereby authorized and empowered, in its discretion,
to borrow from time to time upon the faith and credit of said
municipal corporation in an amount not exceeding Fifty-nine
Thousand Dollars ($59, 000), which together with a sinking
fund of Three Thousand and Five Hundred Dollars ($3, 500)
shall be used for the purpose of redeeming and refunding a like
amount of outstanding bonds of said municipal corporation
which are now redeemable or which will become redeemable
as follows:

(1) $18, 000 Water and Street Bonds issued pursuant to
Chapter 449 of the Acts of 1918.

(2) $3, 000 Water and Street Bonds issued pursuant to
Chapter 171 of the Acts of 1920.

(3) $10, 500 Water Bonds issued pursuant to Chapter 126
of the Acts of 1924.

(4) $20, 000 Water and Street Bonds issued pursuant to
Chapter 93 of the Acts of 1929.

(5) $5, 000 Water Bonds issued pursuant to Chapter 126 of
the Acts of 1924.

(6) $6, 000 Promissory Note issued pursuant to Chapter 28
of the Acts of 1936 (Special Session).

SEC. 2. And be it further enacted. That the Mayor and
Council of Mt. Airy 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 for bids, stating
the time and place for opening said bids, once a week for not
less than two consecutive weeks in two newspapers published
in Carroll County. Said 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 unsatis-
factory for any reason, then the Mayor and Council may re-
fuse all bids and re-advertise 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 not less than One Hundred Dollars
($100. 00) nor more than One Thousand Dollars (|1, 000. 00);
shall be signed by the mayor of said municipal corporation,
attested by the City Clerk, and have the Corporate Seal
attached; shall bear interest at a rate not to exceed 4% per