WM. PRESTON LANE, JR., GOVERNOR. 1271

SECTION 1. Be it enacted, by the General Assembly of Mary-
land, That, for the purpose of providing funds for the con-
struction of storm water drainage facilities within the cor-
porate limits of Salisbury, including the expense of the de-
signing and engineering services, the Mayor and Council of
Salisbury be, and they are hereby authorized and empowered,
to borrow, from time to time, a sum or sums of money, not
exceeding in the aggregate Thirty-five Thousand Dollars
(135, 000. 00), upon the faith and credit of Salisbury, and to
issue and sell serial bonds therefor, which bonds shall be
known as "Salisbury, Md., Storm Water Drainage Bonds of
1949. "

SEC. 2. 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 Salisbury
by ordinance, shall bear interest at a rate not exceeding four
per centum (4%) per annum, payable semi-annually, shall
all be serial type bonds and shall all mature in not exceeding
twenty (20) 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 thereto, attested by the Clerk of Salis-
bury, and if coupon bonds, the coupons thereon shall be signed
by the Clerk of Salisbury, or a facsimile of his signature, shall
be stamped, printed, lithographed or engraved thereon. Said
bonds, when signed and attested, as heretofore directed, shall
be delivered to the Clerk of Salisbury, and the bond of the
said Clerk of Salisbury shall be responsible for the safe-keep-
ing of said bonds and the proceeds thereof. The Clerk of
Salisbury shall sell said bonds at public auction or by sealed
bids, after giving at least two weeks' notice thereof in one or
more newspapers published in the City of Salisbury, under
the supervision of and at such time and in such amount as
the Mayor and Council of Salisbury shall order, but no bonds
shall be sold by sealed bids, except at prices approved by the
Mayor and Council of Salisbury. The said Clerk of Salisbury
shall deliver said bonds so sold to the purchaser or purchasers
thereof, and receive the money therefor, including any
premium 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, 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, Md., Storm Water Drainage
Bonds of 1949", to be applied only for the purposes specified