406 LAWS OF MARYLAND [CH. 85

been submitted for referendum, the City may proceed by
resolution to authorize the borrowing of so much money as
may be needed for the purposes hereinafter described, within
the limitations fixed hereby and by the authority conferred
by such referendum, and the issuance of the promissory note
or notes, or certificate or certificates of indebtedness of said
City. By appropriate resolution the City shall determine
the form and denomination of each said note or notes, cer-
tificate or certificates of indebtedness, the rate or rates of
interest to be paid thereon, or the method of determining the
same, the officials who shall execute said note or notes, cer-
tificate or certificates, on behalf of said City, the date or
dates of maturity of said note or notes, certificate or certifi-
cates of indebtedness, and the manner and place of delivery
thereof to the lenders or purchasers thereof. The interest
payable on said note or notes, or certificate or certificates of
indebtedness, shall in no event exceed three per centum (3%)
per annum and shall be payable semi-annually and the prin-
cipal and interest of said note or notes, certificate or certifi-
cates of indebtedness, by said resolution, may be made pay-
able in any lawful medium and at any bank or trust com-
pany within or without the State of Maryland. In case
any officer of said City whose signature shall appear on any
such note or notes, certificate or certificates of indebtedness,
shall cease to be such officer before delivery of such note or
notes, certificate or certificates of indebtedness, such signa-
ture shall nevertheless be valid and sufficient for all pur-
poses the same as if such officer had remained in office until
delivery. Such note or notes, or certificate or certificates
of indebtedness, shall be dated in accordance with the deter-
mination of the resolution authorizing the issue of them, or
any of them, and shall be issued to mature not later than
ten years from the date of issue thereof respectively. Not-
withstanding the provisions of Sections 35 and 36 of Article
31 of the Code of Public General Laws of Maryland, (1939
Edition), any or all of said note or notes, certificate or
certificates of indebtedness, and of any issue thereof, may
be offered at private contract as the said City by resolu-
tion may determine; but if any such issue of note or notes,
certificate or certificate of indebtedness, shall be offered
for public sale the same shall be offered in accordance
with the provisions of Sections 35 and 36 of said Article
31. In the event any such issue is offered at public sale,
notwithstanding other provisions of said Sections 35 and 36
of Article 31 of the Code of Public General Laws aforesaid,
the City may publish a brief notice summarizing the offer-
ing of said note or notes, certificate or certificates of indebt-
edness, which shall indicate where a complete statement of