78 LAWS OF MARYLAND. [CH. 29

of paving existing unpaved streets and highways located
within the corporate limits of Salisbury, The Mayor and
Council of Salisbury be, and it is hereby authorized and em-
powered to borrow from time to time a sum or sums of money
not exceeding in the aggregate Fifty Thousand Dollars
($50,000.00), upon the faith and credit^of Salisbury, and to
issue and sell serial bonds therefor, which said bonds shall be
known as "Salisbury, Maryland, Street Paving Bonds of
1948".

SEC. 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 denominations 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
ten (10) years from the date of issue, and shall be forever
exempt from State, County and Municipal taxation. Said
bonds shall be signed by the Mayor of Salisbury and 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 thereon shall be signed by the
Clerk of Salisbury, or a facsimile of his signature, shall be
stamped, printed, lithographed or engraved thereon. Said
bonds, when signed and attested as heretofore directed shall
be delivered to the Clerk of Salisbury, and the bond of the
said Clerk of Salisbury shall be responsible for the safe
keeping of the 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 (2) weeks notice
thereof in one or more newspapers published in the City of
Salisbury, under the supervision of and at such time and 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 Mayor and Council of Salisbury his pro-
ceedings in the premises as soon as possible after said sale,
with the name or names of the purchasers to whom said
bonds have been sold and delivered, together with the amount
received for the bonds so sold, and said money, including
'said premiums, if any, shall be immediately credited by the
Clerk of Salisbury on his books to the "Salisbury, Maryland,
Street Paving Bonds of 1948", to be applied only for the
purposes specified in this Act. Provided, however, that any
balance of the proceeds of said bond issue not required for
the purposes hereinbefore specified shall be applied to the
sinking fund for the redemption of said bonds.