1346 LAWS OF MARYLAND. [CH. 769

mature in the manner hereinafter set forth with respect to
each series. The proceeds of the sale of any of said bonds
shall be paid by the purchasers thereof to the City Treasurer
of Havre de Grace, who shall first deduct from said proceeds
all expenses incident to the sale thereof, including the cost of
printing or engraving said bonds, the cost of advertising the
same for sale and all proper legal expense incurred. In
addition, said City Treasurer shall deduct from said proceeds
all amounts paid on account of accrued interest which shall
be set apart by him for the account of the first maturing
interest coupons on said bonds. The balance of said proceeds,
including any premium received therefor, shall be disbursed by
said City Treasurer, by or upon the order of the Mayor and
City Council of Havre de Grace, for the sole purpose of
redeeming and liquidating the bonds or notes authorized to be
redeemed and refunded. In the event of an excess of the pro-
ceeds from the sale of any of the bonds hereby authorized over
the amount or amounts necessary for such refunding opera-
tion, such excess shall be held by said City Treasurer for the
account of the first principal maturities of such bonds as may
be issued pursuant to the authority of this Act, and in the
event of a deficiency in said proceeds under the amount or
amounts necessary to accomplish any such refunding opera-
tion, such deficiency shall be made up out of the general
funds of the Mayor and City Council of Havre de Grace.

SEC. 2. And be it further enacted, That the several series
of refunding bonds hereby authorized shall be issued for the
sole and exclusive purpose, as hereinabove provided, of refund-
ing the following outstanding bonds and notes of the Mayor
and City Council of Havre de Grace:

(a) The bonds of Series B hereby authorized, in the aggre-
gate par amount of One hundred thousand dollars
($100, 000. 00) shall be issued solely and exclusively for
the purpose of refunding One hundred thousand dollars
($100, 000. 00) aggregate par amount of the Series B issue of
314% Havre de Grace Refunding Bonds of 1936, dated July 1,
1936, redeemable on any interest payment date after July 1,
1936. The bonds of Series B hereby authorized shall be issued
in denominations of One thousand dollars ($1, 000. 00) each
and shall be numbered consecutively from No. 1 to No. 100,
both numbers inclusive, and shall mature and be payable not
later than twenty (20) years from their date of issue, and may
be made subject to prior redemption by the Mayor and City
Council of Havre de Grace upon any interest payment date at
or after the end of such number of years from their date of
issue and after such notice published in such manner as the