HERBERT R. O'CONOR, GOVERNOR. 337

inclusive, but which bonds may be redeemed on or after
October 1, 1941; and

WHEREAS, it is desirable and for the best interests of said
city that said outstanding bonds be refunded by the issuance
of a like amount of Refunding Bonds of said city bearing a
lower rate of interest; now, therefore

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That, for the purpose of refunding, the bonds of said city
referred to in the preamble hereof, the Mayor and City Council
of the City of Frostburg, Allegany County, Maryland, be and
they are hereby authorized and empowered to issue negotiable
Refunding Bonds of said city in the sum of $80, 000; said
refunding bonds shall be issued in such form and denomina-
tions, shall become due and payable in such manner and time
(not exceeding twenty years from date of issue), and shall
bear such rate of interest, not exceeding the rate of interest
borne by the bonds refunded thereby, as the Mayor and City
Council shall determine by ordinance; said bonds shall be
forever exempt from all State, county and municipal taxes
and shall be signed by the Mayor of said City, and attested by
its City Clerk, with the corporate seal of said city affixed
thereto. Interest on said bonds shall be evidenced by coupons
attached thereto, executed with the facsimile signatures of
said Mayor and City Clerk.

SEC. 2. And be it -further enacted, That said Refunding
Bonds may be issued in blocks of $25, 000 or more, in exchange
for and upon simultaneous surrender and cancellation of a
like amount of the bonds herein authorized to be refunded, or
said Refunding Bonds or any of them not exchanged as afore-
said may be sold in whole or in part, in such manner and
upon such terms as the Mayor and City Council of said city
may determine, any other law to the contrary notwithstand-
ing, provided that any of said bonds which may be thus sold
shall be sold upon terms of not less than par and accrued
interest. In the event said bonds or any portion thereof are
sold as hereinbefore provided and after the bonds herein
authorized to be refunded have been called for redemption
on or after October 1, 1941, the proceeds of the sale of such
Refunding Bonds may be deposited in a special fund to be
used solely and only for the payment of a like principal
amount of the bonds called for redemption as and when said
bonds are presented for payment. The City Clerk of said
city shall cause notice of the redemption of the outstanding
bonds herein authorized to be refunded to be published at
lease once not less than thirty (30) days prior to the redemp-