1442 LAWS OF MARYLAND. [CH. 593

ture shall, nevertheless, be valid and sufficient for all pur-
poses in the same manner as if he had remained in office un~
til delivery. Provision may be made by the Town for the
registration of any such bonds in the name of the owner or
owners thereof as to principal alone, and, also, as to both
principal and interest, and for the reconversion of said bonds
so registered as to principal and interest into coupon bonds.
In negotiating any such loan, the provisions of Section 35
of Article 31 of the Code of Public General Laws of Mary-
land (1939 Edition) shall be inapplicable. Said bonds may
be sold for such price or prices, either at, above or below the
par value thereof, as the Town may from time to time deter-
mine to be for its best interest, but no such sale shall be
made at a price so low as to require the payment of interest
on the money received therefor at more than five per centum
(5%) per annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables of
bond values, excluding, however, from such computation the
amount of any redemption premium. Within the limitations
prescribed hereby, said bonds shall be issued to mature on
an annual serial maturity plan so that a certain number of
said bonds will mature and be payable in annual serial in-
stallments, although said installments need not be consec-
utive. The Town may provide by ordinance the conditions
upon which any bonds which may become mutilated, destroy-
ed or lost after issuance thereof may be replaced.

SEC. 3. And be it further enacted, That any money bor-
rowed or the proceeds of any bonds issued hereunder, pur-
suant to the authority hereof shall be paid to the Treasurer
of North Beach, who shall disburse the same only for the
purpose of paying for the improvements defined in Section
1 hereof upon vouchers approved by the Mayor and Council
of North Beach at any regular or special meeting of said
Mayor and Council.

SEC. 4. And be it further enacted, That the bonds hereby
authorized to be issued, and the interest paid thereon, in the
hands of the persons entitled thereto from time to time, shall
be and remain exempt from all State, county and municipal
taxation of any kind and nature whatsoever in the State of
Maryland.

SEC. 5. And be it further enacted, That the Mayor and
Council of North Beach are hereby authorized to impose, by
ordinance, front foot benefit assessments on the property
served and to provide that receipts from said front foot bene-
fit assessments shall be used for servicing the bonds issued