1480 LAWS OF MARYLAND. [CH. 616

to issue and sell said notes, certificates of indebtedness, or
bonds upon the faith and credit of the town in such amount
or amounts as said Mayor and Councilmen shall determine,
but the total amount of such notes and bonds issued under
this Act shall not exceed Twenty-Five Thousand Dollars
(f 25, 000). The said notes, certificates of indebtedness and/or
bonds shall bear interest at such rate or rates, not exceeding
four per centum (4%) per annum, as shall be provided by
resolution of the Council, and in the event of issuance of
bonds to be evidenced by semi-annual coupons attached to
said bonds and bearing the facsimile signature of the Mayor.
If bonds are issued, the provisions of Sections 35 and 36 of
Article 31 of the Annotated Code of Maryland (1939 Edition),
shall be complied with. Said Mayor and Councilmen are
authorized to borrow under the provisions of this Act by
selling the negotiable promissory notes, certificates of indebt-
edness and/or bonds herein authorized, at a discount less
than the principal amount thereof, provided chat such dis-
count shall not exceed four per centum (4%) per annum on
the principal of said loan. The said loan and every part
thereof and every note, bond, coupon or other evidence thereof,
and the interest payable thereon, shall be and remain exempt
from State, County and municipal taxation.

SEC. 3. And be it further enacted, That for the purpose of
paying the interest on said notes and/or bonds and for re-
deeming said notes and/or bonds as they mature, the Mayor
and Councilmen of Frostburg shall annually levy a tax upon
the assessable property of said town sufficient to pay the
annual interest on said notes and/or bonds and to redeem
said notes and/or bonds as they become due until all of said
notes and/or bonds shall mature and be redeemed. The taxes
so levied shall be collected in the same manner as other taxes
are levied and collected in said town.

SEC. 4. And be it further enacted, That the Mayor and
Councilmen of Frostburg be and it is hereby authorized and
empowered to do all acts and things necessary to issue and
sell said bonds, to have the same registered if necessary, and
to issue negotiable promissory notes, and to do all things
necessary to carry out the purposes of this Act, even though
the same may not be specifically mentioned herein or in the
Charter of the Town of Frostburg or in any other Act relat-
ing to said town.

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1949.

Approved April 29, 1949.