450 LAWS OF MARYLAND. [CH. 269
CHAPTER 269.
(House Bill 598)

AN ACT to authorize and empower the Mayor and City Coun-
cil of Ocean City to issue and sell coupon bonds of said
town to the amount of ten thousand dollars for the purpose
of improving the sewerage system of said town by construc-
tion of lateral sewers to connect with the sewerage disposal
system recently completed in Ocean City under a Public
Works Administration project, and for such other public
purposes as in the judgment of the said Mayor and City
Council may seem advisable.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Ocean City is here-
by authorized and empowered to borrow on the credit of the
said town an amount not exceeding ten thousand dollars and
to issue and sell coupon bonds therefor in sums of one thou-
sand dollars each, to be signed by the Mayor of said town
and to be countersigned by the Treasurer thereof with the seal
of said town attached, and to be designated as "Ocean City
Sewerage and Improvement Bonds of 1939". Said bonds shall
bear interest at the rate of not to exceed four per centum per
annum, and shall be dated on the first day of their issue. Said
bonds may be registered as to principal only, at the option of
the holder, by the Treasurer. Said bonds shall be forever
exempt from all state, county and municipal taxes. Said
bonds shall have printed on them a distinct reference to the
Act directing their issue.

SEC. 2. And be it further enacted as aforesaid, That said
bonds shall be numbered consecutively and shall be due and
payable in such quantities and amounts as may be determined
by the said Mayor and City Council of Ocean City by an ordi-
nance duly passed by said municipal corporation; all of said
bonds, however, shall become due and payable within fifteen
years of the date of their issue. Said bonds shall be sold at
public or private sale or sales as a whole or separately or in
groups and in such place or places and at such time or times
as in the discretion of the Mayor and City Council may seem
advisable, until all of said bonds, or so many thereof as may be
necessary, shall be sold; provided, however, if said bonds are
sold at private sale, that they shall not be sold for less than
their par value with accrued interest.

SEC. 3. And be further enacted as aforesaid, That for the
purpose of redeeming said bonds at maturity and for secur-
ing the prompt payment of interest thereon the said Mayor