316 LAWS OF MARYLAND. [CH. 341

moke City and countersigned by the Treasurer thereof, with
the seal. of the Mayor and Council of Pocomoke City affixed
thereto, and said bonds shall be designated as "Pocomoke Im-
provement Bonds" and shall be numbered consecutively from
one (1) to twenty-five (25) inclusive, and shall bear interest at
the rate of three percent (3%) per annum, payable semi-annu-
ally on the first days of June and December of each and every
year from the date of their issue; and 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 mature in
five (5) years from the date of issue; provided, however, that
said Mayor and Council of Pocomoke City shall have the right
to pay any or all of 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 authorized and empowered to
sell said bonds to the highest bidder upon sealed proposals,
after having given at least ten (10) days notice by advertise-
ment in some newspaper printed and published in Worcester
County, Maryland, and by such other advertisements as the
Mayor and Council of Pocomoke City shall deem advisable,
but the right is reserved unto the Mayor and Council of Poco-
moke City to reject any and all bids. The Mayor and Council
of Pocomoke City is also authorized and empowered to sell
said bonds, in their discretion, at private sale at not less than
par and accrued interest.

SEC. 3. And be it further enacted, That the proceeds aris-
ing from the sale of said bonds shall be used for the purpose
of extending and improving the water system and water sup-
ply of Pocomoke City and for the purpose of extending, repair-
ing and improving the sewerage and drainage system and the
streets, highways and sidewalks of Pocomoke City.

SEC. 4. And be it further enacted, That for the purpose of
securing the prompt payment of all installments of interest
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 au-
thorized and directed to levy annually a tax upon the assess-
able property within the corporate limits 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.