1912 LAWS OF MARYLAND. [CH. 1080

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and Board of Aldermen of Frederick, a
municipal corporation of the State of Maryland, is hereby
authorized to borrow, not exceeding sixty thousand ($60, 000. )
dollars on the faith and credit of said City, for the acquisition
and development of a municipal airport and to issue bonds or
notes therefor. The said Mayor and Aldermen of the City of
Frederick shall by ordinance prescribe the form and tenor of
such bonds or notes, the rate of interest which may be paid
thereon, the date or dates of issue and the time and place at
which interest and principal of said bonds or notes shall be
paid. The said bonds or notes shall be in coupon form and
shall be in denominations of one hundred ($100. 00) dollars or
any multiple thereof and may be registered as to principal.
The said bonds or notes shall be issued upon the serial annuity
plan and in such manner that all of said bonds or notes shall
mature and become payable within ten years from the date
of issue. Said bonds or notes shall be signed by the Mayor
of the City of Frederick and the City Register and have the
Corporate Seal of the City of Frederick affixed thereto. The
coupons on said bonds or notes shall be signed by the City
Register or a facsimile of his signature shall be stamped,
printed or engraved thereon. The principal amount of said
bonds or notes and every part thereof and the interest payable
thereon shall be and remain exempt from State, County and
municipal taxation.

SEC. 2. And be it further enacted, That the proceeds from
the sale of said bonds or notes shall first be used to pay the
cost of printing and other outlays and expenses connected
with the issue of said bonds or notes and the entire balance
of said proceeds together with any interest that may be
received on the same, shall be used for the acquisition and
development of a municipal airport for the City of Frederick.

SEC. 3. And be it further enacted, That the Mayor and
Aldermen of the City of Frederick are hereby authorized by
ordinance to provide for the acquisition and development of
the said airport in such manner as said Mayor and Board of
Aldermen shall determine.

SEC. 4. And be it further enacted, That the Mayor and Board
of Aldermen of the City of Frederick shall levy annually a
sufficient tax on the assessable property of said city as shall
be necessary to pay the interest on said bonds or notes that
may be issued under the authority of this Act and the prin-
cipal amount of said bonds or notes as they become due and
payable until all of said bonds or notes shall mature and be
paid.