274 LAWS OF MARYLAND [CH. 26

.payable semi-annually on the first days of April and Octo-
ber of each and every year from the date of their issue.
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 each
mature in five (5) years from the date of issue; provided,
however, that the said Mayor and Council of Pocomoke
City shall have the right and privilege to pay any or all of
the 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 hereby authorized and em-
powered to sell said bonds to the highest bidder upon
sealed proposals, after having given at least ten (10) days
notice by advertisement in some newspaper printed and
published in Worcester County, Maryland, and by such
other advertisement as the Mayor and Council of Poco-
moke 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 hereby to sell all
or any part of said bonds in its discretion at private sale
at not less than par and accrued interest.

SEC. 3. And be it further enacted, That the proceeds
arising from the sale of said bonds shall be used for the
purpose of extending and improving the water system
and water supply of Pocomoke City, and for the purpose
of extending and improving the sewerage and drainage
system and the streets, highways, curbs and gutters of
Pocomoke City.

SEC. 4. And be it further enacted, That for the purpose
of securing the prompt payment of all installments of in-
terest on said bonds as the same shall become due, semi-
annually as aforesaid, and for the purpose of redeeming
said bonds at maturity or when called for payment at any
interest paying date, the Mayor and Council of Pocomoke
City is hereby authorized and directed to levy annually a
tax upon the assessable property of Pocomoke City in
such sums as may be necessary and sufficient to pay the
interest on said bonds semi-annually and to redeem said
bonds. And when redeemed, said bonds shall be cancelled.

SEC. 5. And be it further enacted, That this Act is here-
by declared to be an acute emergency law and necessary