8 LAWS OF MARYLAND. [CH. 5

credit of said town of Oakland a sum not exceeding $25, -
000. 00 and to issue and sell bonds for said sum, said bonds
to be signed by the Mayor and duly attested by the Clerk-
Collector of the Town of Oakland, and to be sealed with the
seal of said town. Said bonds shall be known and designated
as "Community Building Bonds" and shall bear interest at
a rate not exceeding four (4) per cent, per annum, payable
semi-annually; said bonds shall be exempt from all State,
county, and municipal taxation, and shall have printed on
them a distinct reference to the Act authorizing their issue.

SEC. 2. And be it further enacted, That said bonds shall be
issued in denominations of $1, 000. 00 each and shall be pay-
able as to principal thereof in twenty-five (25) years from
the date of issue, said bonds shall be serial coupon bonds
and so issued that one bond shall become due and be paid
April 1st each year. Provided, however, that after the ex-
piration of five (5) years from the date of issue, the Mayor
and Town Council may, from time to time, upon any anni-
versary of the date of issue redeem any one or all of said
bonds. If less than the whole issue is to be redeemed, said
Mayor and Town Council shall proceed to determine by lot
which of said bonds are to be redeemed, and when said bond
or bonds are thus selected for redemption, the Mayor and
Town Council shall give notice to the holder thereof by
registered mail, if known, and if the holder is not known,
then the Mayor and Town Council shall give notice by adver-
tisement inserted in two newspapers if so many be published
in said town, of the number of said bond or bonds selected
for redemption, and when and where it is to be paid, and
interest shall cease on said called in bonds or bond from and
after the date fixed for redemption.

SEC. 3. And be it further enacted, That the Mayor and
Town Council of Oakland shall cause proper advertisement to
be made stating the time and place where bids, conditioned
as the said Mayor and Town Council may require, will be
opened for the sale of said bonds as a whole or in parts,
reserving unto itself the right to reject any and all bids.
Said bids, together with such certified checks as may be re-
quired, shall be filed with the Clerk-Collector of said Town,
and at the time and place advertised, shall be opened by Mm
in the presence of the Mayor and Town Council, and if said
bids be satisfactory to the Mayor and Town Council, it shall
sell said bonds, or any part thereof, to the highest bidder or
bidders therefor, of whose ability to comply with the terms
of sale the said Mayor and Town Council, in its discretion,
is satisfied. In the event that said bonds be sold, the pro-
ceeds thereof shall be placed in a separate fund and shall