HERBERT R. O'CONOR, GOVERNOR. 343

to borrow on the faith and credit of the City of Pocomoke
City Nine Thousand Dollars (f9, 000. 00) and to issue bonds
therefor and to sell the same, the proceeds arising from the
sale thereof to be applied to the payment and liquidation
of certain outstanding notes, obligations and floating indebt-
edness due and owing by the Mayor and Council of Poco-
moke City, and to provide for the levying of a tax annually
upon the assessable property of Pocomoke City to pay inter-
est thereon, and for the redemption and payment of said
bonds when they shall fall due or when called for payment.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Council of Pocomoke City be and it
is hereby authorized and directed to borrow on the faith and
credit of Pocomoke City the sum of Nine Thousand Dollars
($9, 000. 00) and to issue coupon bonds therefor in sums of one
thousand dollars ($1, 000. 00) each, to be signed by the Mayor
or the Mayor and Council of Pocomoke City and countersigned
by the Treasurer thereof, with the seal of the Mayor and
Council of Pocomoke City affixed thereto, and said bonds shall
be designated as "Refunding Bonds of Pocomoke City" and
shall be numbered consecutively from one (1) to nine (9)
inclusive, and shall bear interest at the rate of three (3) per
cent, per annum, payable semi-annually, on the first day of
June, and December of each and every year, accounting from
June 1, 1943, and said bonds shall be exempt from all taxation
for State, County and Municipal purposes in the State of
Maryland, and shall have printed on them a direct reference
to this Act authorizing their issue.

The said bonds to be issued under this Act shall mature in
five years from the date of issue; provided, however, that said
Mayor and Council of Pocomoke City shall have the right to
pay any or all of said bonds on any interest paying date prior
to date of maturity.

SEC. 2. And be it further enacted, That the Mayor and
Council of Pocomoke City are authorized and empowered to
sell said bonds to the highest bidder upon sealed proposals
after having given at least ten days' notice by advertisement
in some newspaper printed and published in Pocomoke City,
Maryland, and by such other advertisements as the Mayor and
Council of Pocomoke City shall deem advisable, but the right
is reserved unto the Mayor and Council of Pocomoke City to
reject any and all bids. The Mayor and Council of Pocomoke
City is also authorized and empowered to sell at their discre-
tion said bonds at private sale at. not less than par and accrued
interest.