288 LAWS OF MARYLAND [CH. 32

and for the reconversion of said bonds so registered as to
principal and interest into coupon bonds. In negotiating
any such loan, the provisions of Section 35 of Article 31 of
the Code of Public General Laws of Maryland (1939 Edi-
tion) shall not apply. Said bonds may be sold for such
price or prices, either at, above or below the par value
thereof, as the Town may from time to time determine to
be for its best interest, but no such sale shall be made at a
price so low as to require the payment of interest on the
money received therefor at more than five per centum
(5%) per annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables
of bond values, excluding, however, from such computa-
tion the amount of any redemption premium. Within the
limitations prescribed hereby, said bonds shall be passed to
mature on an annual serial maturity plan so that a certain
number of said bonds will mature and be payable in annual
serial installments, although said installments need not be
consecutive. The Town may provide by ordinance the con-
ditions upon which any bonds which may become muti-
lated, destroyed or lost after issuance thereof may be
replaced.

SEC. 3. And be it further enacted. That the proceeds of
any bonds issued hereunder, pursuant to the authority
hereof shall be paid to the Treasurer of North Beach, who
shall disburse the same only for the purpose of paying for
the improvements defined in Section 1 hereof upon vouch-
ers approved by the Mayor and Council of North Beach at
any regular or special meeting of said Mayor and Council.

SEC. 4. And b e it further enacted, That the bonds here-
by authorized to be issued, and the interest paid thereon,
In the hands of the persons entitled thereto from time to
time, shall be and remain exempt from all State, county
and municipal taxation of any kind and nature whatsoever
in the State of Maryland.

SEC. 5. And be it further enacted, That the Mayor and
Council of North Beach are hereby authorized to impose,
by ordinance, front foot benefit assessments on the prop-
erty served and to provide that receipts from said front
foot benefit assessments shall be used for servicing the
bonds issued under the authority of this Act, and if such
funds, together with any funds which may be received un-
der Section 6 of this Act, are not sufficient for this purpose,
then the Mayor and Council shall levy the taxes provided
by Section 7 of this Act. Said assessments shall be pay-