WM. PRESTON LANE, JR., GOVERNOR. 1441

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the town of North Beach, Calvert County, (a
municipal corporation of the State of Maryland, hereinafter
referred to as the "Town") is hereby authorized and em-
powered, at one time or from time to time, to borrow a sum
or sums of money not exceeding Four Hundred Thousand
Dollars (f400, 000), in the aggregate, and to evidence said
borrowing by the issuance of its general obligation serial
maturity coupon bonds, this authority being granted to said
Town in order to enable it to finance the construction of a
water and sewerage system for said Town, including a sewer-
age disposal plant, the particular purpose or purposes to be
determined by the Mayor and Council of said Town. The
purposes above outlined for which said sums so borrowed
shall be expended are hereinafter referred to as the improve-
ments, and include in addition to the foregoing, expenditures
for any necessary land and rights-of-way for water mains
and sewers, and a sewerage disposal plant, and all necessary
engineering surveys, plans, drawings and specifications need-
ed to enable the Town to make said improvements or to con-
tract therefor. The necessary costs incident to the issuance
of the bonds hereby authorized shall likewise be treated as
a part of the cost of said improvements.

SEC. 2. And be it -further enacted, That said bonds, and the
coupons attached thereto, shall be in such form and denomi-
nations and shall be sold, executed and delivered in such
manner as the Town may from time to time decide, such de-
cision, however, to be made with respect to each particular
group of bonds sold, prior to the delivery thereof, by one or
more legally adopted ordinances. Such bonds shall be dated,
shall bear interest at such rate or rates not exceeding five
per centum (5%) per annum, payable semi-annually, shall
mature at such time or times not exceeding forty (40) years
from their respective date or dates of issue as may be de-
termined in said ordinances above referred to, and said
bonds, or any of them, may be made redeemable before ma-
turity, at the option of the Town, at such price or prices and
under such terms and conditions as may be fixed by the
Town in the ordinance or ordinances adopted prior to the
delivery of the bonds. The principal and interest of such
bonds may be made payable in any lawful medium, and the
Town may fix the place or places of such payment, which
may be at any bank or trust company within or without the
State. In case any officer whose signature shall appear on
any such bonds or the coupons attached thereto shall cease
to be such officer before delivery of such bonds, such signa-
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