1084 LAWS OF MARYLAND. [CH. 443

cil of Pocomoke City affixed thereto, and said bonds shall
be designated as "POCOMOKE CONSTRUCTION BONDS"
and shall be numbered consecutively from one (1) to twenty
(20), inclusive, and shall bear interest at the rate of three
percent (3%) per annum, payable semi-annually on the
first days of May and November 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 pur-
poses 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 each
mature in five (5) years from the date of issue; provided
however, that said Mayor and Council of Pocomoke City
shall have the right and privilege 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 hereby authorized and em-
powered to sell said bonds to the highest bidder upon sealed
proposals, after having given at least ten (10) days notice
by advertisement in some newspaper printed and published
in Worcester County, Maryland, and by such other adver-
tisements as the Mayor and Council of Pocomoke City shall
deem advisable, but the right is reserved unto the Mayor
and Council of Pocomoke City to reject any and all bids.
The Mayor and Council of Pocomoke City is also authorized
and empowered hereby to sell all or any part of said bonds
in> its discretion at private sale at not less than par and
accrued interest.

SEC. 3. And be it further enacted, That the proceeds
. arising from the sale of said bonds shall be used for the
purpose of repairing and constructing public buildings and
extending and improving the water system and water sup-
ply of Pocomoke City and for the purpose of extending,
repairing and improving the sewerage and drainage sys-
tems 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 authorized and directed to levy annually
a tax upon the assessable property of Pocomoke City in
such sums as may be necessary and sufficient to pay the