1786 LAWS OF MARYLAND. [CH. 930

for, or the Mayor and Council may sell such bonds, notes or
certificates from time to time, in such manner, either at public
or private sale and for such price not less than par value and
accrued interest as it may determine to be for the best interest
of said municipality, but under no circumstances shall any of
said bonds, notes or certificates be disposed of at a price so
low as to require the payment of interest on the money re-
ceived therefor or the equivalent thereof in value, at more
than six per centum (6%) per annum, computed with rela-
tion to the absolute maturity of such revenue notes, bonds
or certificates in accordance with standard tables of bond
values. The provisions of Sections 35 and 36 of Article 31 of
the Code of Public General Laws of Maryland (1939 Edition)
shall have no application to the revenue notes, bonds or cer-
tificates herein authorized or the method and manner of sale
thereof, and said revenue bonds, notes or certificates are
hereby expressly exempted from the provisions of said Sec-
tions, provided, however, that if any of said revenue notes,
bonds or certificates are offered for sale at public sale by
said Mayor and Council, then said offers shall be made in ac-
cordance with the provisions of Section 35 of said Article 31.
The proceeds of the sale of any such revenue notes, bonds or
certificates, if any, after deducting therefrom any amounts
paid on account of accrued interest, which shall be set apart
for the account of the first maturing interests coupons on
any such notes, bonds or certificates so sold, shall be paid
to the Clerk-Treasurer of the Mayor and Council of Cris-
field and shall be used by said Mayor and Council solely for
the payment of the cost of the construction of municipal elec-
tric light and power system as hereinabove defined, and said
proceeds shall be disbursed by said Clerk-Treasurer upon
requisition of the Mayor of said Mayor and Council under
such restrictions, if any, as the ordinance authorizing the is-
suance of said revenue notes, bonds or certificates, or the trust
indenture, mortgage or agreement hereinafter mentioned, may
provide. Unless otherwise provided in the ordinance authoriz-
ing the issuance of any such revenue notes, bonds or certifi-
cates, or in the trust indenture, contract or agreement with
reference thereto, any such revenue notes, bonds or certificates
issued in instalments or series from time to time in accord-
ance with the progress of construction of said municipal
electric light and power system or otherwise, shall be deemed
to be of the same issue and shall be entitled to payment from
the same fund, without preference or priority, as the notes,
bonds or certificates first issued for the same purpose. If the
proceeds of any such revenue notes, bonds or certificates is-
sued in accordance with this authorization, by error of cal-
culation or otherwise, shall be less than the cost of construe-