130 LAWS OF MARYLAND. [CH. 106

indebtedness due and owning by the Mayor and Council
of Pocomoke City, and to provide for the levying of a
tax annually upon the assessable property of Pocomoke
City to pay interest thereon, and for the redemption and
payment of said bonds when they shall fall due or when
called for payment.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the Mayor and Council of Pocomoke City, a Mary-
land Municipal Corporation, be, and it is hereby author-
ized and directed to borrow on the faith and credit of
Pocomoke City the sum of Thirty-five Thousand Dollars
($35, 000. 00) and to issue coupon bonds therefor in sums
of Five Thousand Dollars ($5, 000. 00) each, to be signed
by the Mayor or the Mayor and Council of Pocomoke 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 "1949 Refunding
Bonds of Pocomoke City" and shall be numbered consecu-
tively from one (1) to seven (7), inclusive, and shall bear
interest at the rate of three per cent (3%) per annum,
payable semi-annually on the first day of April and
. October of each and every year, accounting from April 1,
1949, 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 refer-
ence 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 the 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 pro-
posals after having given at least ten (10) days notice by
advertisement in some newspaper printed and published
in Pocomoke City, Maryland, and by such other advertise-
ments 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 author-
ized and empowered in their discretion to sell said bonds
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 applied to the
payment and refunding of Thirty-five Thousand Dollars