WM. PRESTON LANE, JR., GOVERNOR 355

bonds shall be known as "Salisbury, Maryland, City Hall
Bonds".

SEC. 3. 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 Salis-
bury by Ordinance, shall bear interest at a rate not ex-
ceeding four per centum (4%) per annum, payable semi-
annually, shall all be serial type bonds, shall all mature
in not exceeding twenty-five (25) 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, with the seal of the City attached there-
to, attested by the Clerk of Salisbury, and if coupon bonds,
the coupons thereon shall be signed by the Clerk of Salis-
bury, or a facsimile of his signature shall be stamped,
printed or engraved thereon. Said bonds when signed and
attested as heretofore directed, shall be delivered to the
Clerk of Salisbury, and the bond of said Clerk shall be re-
sponsible for the safe keeping of said bonds and the pro-
ceeds thereof. The Clerk of Salisbury shall sell said bonds
at public sale by sealed bids, after giving at least two
weeks' notice thereof in one or more newspapers published
in the City of Salisbury, and in such other newspapers as
The Mayor and Council of Salisbury shall order, under the
supervision of and at such times and in such amounts as
The Mayor and Council of Salisbury shall order, but no
bonds shall be sold by sealed bids except at price approved
by The Mayor and Council of Salisbury and no bonds shall
be sold at prices less than par. The said Clerk of Salisbury
shall deliver said bonds so sold to the purchaser or pur-
chasers thereof, and receive the money therefor including
any premiums thereon, and shall report under oath to The
Mayor and Council of Salisbury his proceedings in the
premises as soon as possible after said sale, 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, City Hall Bonds"
account to be applied only for the purposes specified in this
Act, including payment of the expenses incident to the
preparation and sale of said bonds. 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.