128 LAWS OF MARYLAND. [CH. 102

thereto, and other public utilities, in said City of Salisbury,
The Mayor and Council of Salisbury, be, and it is hereby
authorized and empowered to borrow from time to time a sum
or sums of money not exceeding in the aggregate Fifty-five
Thousand Dollars ($55, 000. 00) upon the faith and credit of
the City of Salisbury, and to issue and sell serial bonds there-
for, which said bonds shall be known as "Salisbury, Maryland,,
By-Pass Highway Utility Bonds of 1941".

SEC. 2. And be it further enacted, That the said bonds to
be issued from time to time under this Act shall be either
registered or coupon bonds, issued in such denominations as
shall be determined by The Mayor and Council of Salisbury
by ordinance, shall bear interest at a rate not exceeding four
per centum (4%) per annum, payable semi-annually, shall all
be serial type bonds, and shall all mature in not exceeding
thirty (30) years from the date of issue, and shall be forever
exempt from State, County and Municipal taxation. Said
bonds shall be signed by the Mayor of Salisbury or the Presi-
dent of the Council of Salisbury, with the seal of the City
attached thereto, attested by the Clerk of Salisbury, and if
coupon bonds, the coupons thereon shall be signed by the
Clerk of Salisbury, or a fac-simile of his signature shall be
stamped, printed, or engraved thereon. Said bonds, when
signed and attested as heretofore directed, shall be delivered
to the Clerk of Salisbury, and the bond of said Clerk of
Salisbury shall be responsible for the safekeeping of said
bonds and the proceeds thereof. The Clerk of Salisbury shall
sell said bonds at public auction or by sealed bids, after giving
at least two weeks' notice thereof in one or more newspapers
published in the City of Salisbury, and in one or more news-
papers published in the City of Baltimore, under the super-
vision of and at such time and in such amounts as The Mayor
and Council of Salisbury shall order, but no bonds shall be
sold by sealed bids, except at prices approved by The Mayor
and Council of Salisbury. The said Clerk of Salisbury shall
deliver said bonds so sold to the purchaser or purchasers
thereof, and receive the money therefor, including any pre-
miums thereon, and shall report under oath to The Mayor and
Council of Salisbury his proceedings in the premises as soon
as possible after said sale, with the name or names of the
purchasers to whom said bonds have been sold and delivered,
together with the amount received on each bond so sold, and
said money, including said premiums, if any, shall be imme-
diately credited by the Clerk of Salisbury on his books to the
"Salisbury, Maryland, By-Pass Highway Utility Bonds of
1941", to be applied only for the purposes specified in this Act.
Provided, however, that any balance of the proceeds of said