HERBERT R. O'CONOR, GOVERNOR. 39

curbs, gutters and other public utilities; for the purpose
of improving the approaches from the existing streets to
the said right-of-way and for other expenses incidental
thereto, in the City of Salisbury, The Mayor and Council
of Salisbury be, and it is hereby authorized and empowered
to borrow from time to time a sum or sums of money not
exceeding in the aggregate Fifty-five Thousand Dollars
($55, 000. 00) upon the faith and credit of the City of Salis-
bury, and to issue and sell serial bonds therefor, which
said bonds shall be known as "Salisbury, Maryland,
By-Pass Road and Public Utilities Bonds of 1941";
provided, however, that none of said bonds shall be issued
until The Mayor and Council of Salisbury has been in-
formed in writing by the State Roads Commission of the
State of Maryland that it has set aside funds for the actual
construction of said By-Pass Road Northerly from East
Main Street, in the City of Salisbury, Maryland.

Section 2. And be it further enacted, That the said
bonds to be issued from time to time under this Act shall
be either registered or coupon bonds, issued in such denom-
inations as shall be determined by The Mayor and Council
of Salisbury by ordinance, shall bear interest at a rate not
exceeding four per centum (4%) per annum, payable semi-
annually, shall all be serial type bonds, and shall all mature
in not exceeding thirty (30) years from the date of issue,
and shall be forever exempt from State, County and Mu-
nicipal taxation. Said bonds shall be signed by the Mayor
of Salisbury or the President of the Council of Salisbury,
with the seal of the City attached thereto, attested by the
Clerk of Salisbury, and if coupon bonds, the coupons there-
on shall be signed by the Clerk of Salisbury, or a fac-simile
of his signature shall be stamped, printed or engraved
thereon. Said bonds, when signed and attested as hereto-
fore directed, shall be delivered to the Clerk of Salisbury,
and the bond of said Clerk of Salisbury shall be responsi-
ble for the safekeeping of said bonds and the proceeds
thereof. The Clerk of Salisbury shall sell said bonds at
public auction or by sealed bids, after giving at least two
weeks' public notice thereof in one or more newspapers
published in the City of Salisbury, and in one or more news-
papers published in the City of Baltimore, under the super-
vision of and at such times in such amounts as The Mayor
and Council of Salisbury shall order, but no bonds shall be
sold by sealed bids, except at prices approved by The Mayor
and Council of Salisbury. The said Clerk of Salisbury shall
deliver said bonds so sold to the purchaser or purchasers
thereof, and receive the money therefor, including any
premiums thereon, and shall report under oath to The