HERBERT R. O'CONOR, GOVERNOR. 303

bonds may be disposed of in whole or in part at private
sale at the best price or prices obtainable, provided, how-
ever, that under no circumstances shall any of said bonds
be sold at less than par. It is hereby declared that the
authority to issue and sell bonds herein granted and all
provisions of this Act relative thereto are exempt from all
of the provisions of Chapter 630 of the Acts of the Gen-
eral Assembly of Maryland, passed at its January Session
in the year 1939, and none of the provisions of said Act
of Assembly shall have any bearing or effect upon the sale
of the bonds herein authorized.

SEC. 3. And be it further enacted, That the bonds here-
by authorized and the interest payable thereon, in the
hands of the persons from time to time entitled thereto,
shall be and remain forever exempt from all State, county
and municipal taxation of every kind and nature what-
soever in the State of Maryland.

SEC. 4. And be it further enacted, That upon the sale
and delivery of the bonds herein authorized, or any part
thereof, the proceeds of said sale shall be paid by the pur-
chasers of said bonds to the City Clerk of Crisfield, and
said proceeds shall be kept by said City Clerk in a sepa-
rate account to be expended in the following manner and
for no other purpose, but no purchaser of said bonds shall
be liable to see to the proper application of said purchase
money by said City Clerk. Said City Clerk shall first deduct
from the proceeds received from said bonds any accrued
interest received thereon which shall be set apart for the
first maturing interest coupons on said bonds, and from
the balance of said proceeds, including any premium re-
ceived thereon, said City Clerk shall deduct the costs and
expenses entailed in the issuance thereof, including the
cost of printing, lithographing or engraving said bonds,
the cost of advertising the sale thereof, and all legal and
other incidental expenses incurred in the issuance thereof.
The balance of said proceeds shall be paid out by the City
Clerk of Crisfield, upon the order of the Mayor and Council
of Crisfield, solely and exclusively for the purpose of meet-
ing the principal and interest maturities of the two issues
of bonds to be refunded, as hereinabove described. Any
balance of the proceeds of the sale of the bonds herein
authorized remaining after all of said bonds above de-
scribed shall have been retired and after the payment of
all unpaid interest coupons attached thereto, shall be ap-
plied to the general funds of the Mayor and Council of