1788 LAWS OF MARYLAND. [CH. 930

the payment of principal and interest of said revenue notes,
bonds or certificates, in any one of the following ways:

(a) It may contract to permit the title to said system to
remain in the contractor constructing the same until the
revenue notes, bonds or certificates issued in payment there-
for shall have been fully liquidated;

(b) It may enter into an appropriate trust indenture,
mortgage or other like conveyance transferring title to said
system to some trust company doing business within or with-
out the State of Maryland and containing appropriate and
usual covenants to secure payment of the principal and inter-
est of said revenue notes, bonds or certificates;

(c) It may adopt an ordinance which shall constitute an
irrevocable contract with the holders from time to time of
any of said revenue notes, bonds or certificates pledging the
revenues or earnings from said municipal electric light and
power system to the prompt liquidation of said revenue notes,
bonds or certificates and containing such appropriate or usual
covenants as may be necessary to the adequate security of
said holders from time to time of said revenue notes, bonds
or certificates. However, in no event shall any such con-
tract, conveyance, mortgage, trust indenture or ordinance con-
tain provisions whereby the Mayor and Council might be
divested of the possession of said municipal electric light and
power system or the right to maintain and operate the same
unless and until the Mayor and Council shall have been in
default in the payment of two consecutive semi-annual inter-
est instalments payable on said revenue notes, bonds or cer-
tificates and on and after the date of the first serial maturity
shall also have been in default in the payment of one instal-
ment of principal if said revenue notes, bonds or certificates
shall be issued in serial maturity form, and said default or
defaults shall have continued for a period of three months.
Any such mortgage, conveyance, trust indenture or ordinance
shall further contain a provision that if said Mayor and
Council shall be divested of the possession of said municipal
electric light and power system and the right to maintain
and operate the same as above provided, then, provided the
consent and approval of the Public Service Commission of
Maryland to such ouster of the Mayor and Council from
possession of said municipal electric light and power system
and the maintenance and operation thereof by the person or
persons taking possession of said system as hereinbefore pro-
vided shall first have been had and obtained, the person or
persons taking possession of said system shall be obligated to
maintain and operate the same as a public utility for the
benefit of the consumers in the City of Crisfield and vicinity
until all obligations of the Mayor and Council with respect