HERBERT R. O'CONOR, GOVERNOR. 1347

Mayor and City Council of Havre de Grace may determine by
ordinance at or prior to the issue and sale thereof;

(b) The bonds of Series C hereby authorized, in the aggre-
gate par amount of Forty-seven thousand dollars ($47, 000. 00),
shall be issued solely and exclusively for the purpose of re-
funding the Series C issue of 3 1/4% Havre de Grace Refunding
Bonds of 1936, dated July 1, 1936, in the aggregate par amount
of Forty-seven thousand dollars ($47, 000. 00), issued pur-
suant to the authority of said Chapter 32 of the Acts of the
General Assembly of Maryland, passed at its Extraordinary
Session in the year 1936, and redeemable on any interest pay-
ment date on or after July 1, 1941. The bonds of Series C
hereby authorized shall be issued in denominations of One
thousand dollars ($1, 00. 00) or Five hundred dollars ($500. 00)
each and shall be numbered consecutively and shall mature
serially in the order of their consecutive numbers over a period
of eighteen (18) years accounting from their date of issue in
seventeen (17) equal annual instalments of Twenty-five hun-
dred dollars ($2, 500. 00) each and one instalment, in the
eighteenth year, of Two thousand dollars ($ 2, 000. 00);

(c) The bonds of Series D hereby authorized, in the aggre-
gate par amount of Fifteen thousand dollars ($15,000.00), shall
be issued solely and exclusively for the purpose of refunding
certain outstanding notes and other obligations of the Mayor
and City County of Havre de Grace, presently payable and con-
stituting the only floating and unfunded indebtedness of said
municipality. Said bonds of Series D hereby authorized shall
be numbered consecutively from No. 1 to No. 15, both numbers
inclusive, and shall mature and be payable serially, in the
order of their consecutive numbers, in equal annual instal-
ments of One thousand ($1,000.00) dollars each over a period
of fifteen (15) years accounting from their date of issue.

SEC. 3. And be it further enacted, That all of the bonds here-
by authorized, when issued, and the interest payable thereon,
in the hands of the persons entitled thereto from time to time,
shall be and remain forever exempt from all and any taxation
of any kind or nature whatsoever by the State of Maryland or
by any of the counties or municipalities of said State.

SEC. 4. And be it further enacted,, That as soon as the
bonds of Series B hereby authorized are issued and sold and
the Series B bonds issued and presently outstanding under
said Chapter 32 of the Acts of the General Assembly of Mary-
land, passed at its Extraordinary Session in the year 1936?
redeemed and retired, the provisions of subsection (c) of Sec-
tion 5 of said Chapter 32 shall thereafter be binding or obliga-
tory upon the Mayor and City Council of Havre de Grace and
the Municipal Utilities Commission of Havre de Grace only