1560 LAWS OF MARYLAND. [CH. 859

lished in a newspaper having a general circulation in Som-
erset County, once a week for not less than two successive
weeks next preceding the date set for said sale, and said
notice to clearly state the date, hour and place of sale. Said
notice shall invite competitive bids for said bonds and shall
state that said bonds will be awarded to the bidder offer-
ing the highest price for said bonds in accordance with the
terms of said notice of sale. Said bonds shall not be so
offered for sale at less than the par value thereof plus
accrued interest, but the Mayor and Council of Crisfield
may, in its discretion, request each bidder to name the in-
terest rate upon which his bid is based, in which event
said bonds shall be awarded to the bidder whose bid pro-
vides the lowest interest cost to said municipality from
the date of issue of said bonds to the last date of maturity
of any of said bonds. Said notice of sale shall also re-
quire all bidders to accompany their bids with certified
checks in fixed amounts to evidence their good faith, and
said notice of sale shall also reserve to the Mayor and
Council of Crisfield the right to reject any and all of said
bids. Said bids shall all be filed with the City Clerk of
Crisfield, in accordance with said notice of sale, and at the
time and place advertised, said bids shall be opened by
said City Clerk in the presence of the Mayor and Council
in public meeting assembled. If, in the opinion of the
Mayor and Council of Crisfield, all of said bids so received
are insufficient or unsatisfactory for any reason, then said
Mayor and* Council of Crisfield may refuse all bids as pro-
vided in said notice of sale, and may re-advertise said
bonds for sale from time to time in the manner above speci-
fied until all of said bonds are sold, or said Mayor and
Council of Crisfield may, in its absolute discretion, under-
take to dispose of said bonds at private sale, at the best
price obtainable therefor, provided said bonds shall not
be sold at less than par nor at an interest rate in excess
of five per centum (5%) per annum.

SEC. 4. And be it further enacted, That said bonds
hereby authorized and the interest to accrue thereon in
the hands of the persons entitled thereto from time to time
shall be and remain exempt from all State, county and
municipal taxation of every kind and nature whatsoever
in the State of Maryland.

SEC. 5. And be it further enacted, That in order to pro-
vide for the payment of the principal and interest on said
bonds as the same shall mature from time to time here-
after, the Mayor and Council of Crisfield shall, in the fiscal
year in which such bonds are issued and in each fiscal year