1462 LAWS OF MARYLAND. [CH. 820

nity Building Bonds issued under the provisions of Chap-
ter 5 of the Acts of 1939, and to pledge and apply avail-
able annual revenues from the water works of said town
to the payment of such Refunding Bonds and interest
thereon, and to levy and collect taxes upon all the assess-
able property in said town to pay the annual principal
and interest requirements of such Refunding Bonds in
the event of insufficient available water revenues for
that purpose.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and Town Council of Oakland,
in Garrett County, a municipal corporation, be and it is
hereby authorized and empowered to borrow upon the
faith and credit of said town of Oakland a sum not exceed-
ing Fifty Thousand Dollars ($50, 000. 00) and to issue and
sell Coupon Bonds therefor in the denomination of One
Thousand Dollars ($1, 000. 00) each, said bonds to be signed
by the Mayor and duty attested by the Clerk of the town
of Oakland and to be sealed with the seal of said town.
Said bonds shall be known and designated as "Refund
Bonds" and shall bear interest at the rate of two per cent
(2%, ) per annum, payable semi-annually; said bonds shall
be exempt from all State, County and municipal taxation
and shall have printed on them a distinct reference to the
Act authorizing their issue.

SEC. 2. And be it further enacted, That said bonds shall
be numbered serially and the first three shall be payable one
year after date of the issuance thereof, and thereafter three
bonds, of the value of $3, 000. 00, shall mature and be pay-
able each consecutive year in the order of the consecutive
numbers until the entire issue of said bonds is taken up
and redeemed; reserving the option to the Mayor and Town
Council aforesaid, to take up and redeem at any interest
period, upon sixty days' notice, any and all the outstand-
ing bonds, with accrued interest, if less than the whole
issue is to be redeemed, said Mayor and Town Council
shall call the last maturing bonds and when said bond or
bonds are thus selected for redemption the Mayor and
Town Council shall give notice to the holder, or holders,
thereof by registered mail, if known, and if the holder, or
holders, are not known, then the Mayor and Town Council
shall give notice by advertisement inserted in two news-
papers, if so many be published in said town, of the num-
ber of said bond or bonds selected for redemption, and
when and where it is to be paid, and interest shall cease on
said called bond or bonds from and after the date fixed for
redemption.