WM. PRESTON LANE, JR. ? GOVERNOR. 197

SEC. 3. And be it further enacted, That for the pur-
pose of financing the acquisition of said water supply
system, sewerage system and sewage disposal plant pur-
suant to the terms and conditions of the contract above
outlined, the Town is hereby authorized and empowered
to borrow at one time or from time to time a sum or sums
of money not exceeding in the aggregate Seventy Thou-
sand Dollars ($70, 000. 00) and to evidence such borrowing
by the issuance, upon its full faith and credit, at one time
or from time to time, of its general obligation serial matur-
ity bonds in manner following. Before issuing any such
bonds, the Town shall adopt an ordinance stating the
amount needed for payment on account of the above
described acquisition and determining to borrow such
amount by the issuance of its general obligation serial
maturity bonds. In each such ordinance the Town shall
fix the serial maturity plan for the bonds authorized
thereby and, notwithstanding the provisions of Section 36
of Article 31 of the Code of Public General Laws of Mary-
land (1939 Edition), said bonds may be issued to mature
over a period of thirty (30) years from the date of issue
in periodic serial instalments which need not be in equal
amounts or in consecutive annual instalments. None of
the provisions of Sections 34, 35 or 36 of Article 31 of the
Code of Public General Laws of Maryland (1939 Edition)
shall be applicable to the bonds authorized hereby, but
said bonds may be offered at public sale by competitive
bidding or may be sold by private negotiation, provided
that none of such bonds shall be sold at a price less than
part and accrued interest, and none of such bonds shall be
offered to bear interest at a rate in excess of five per
centum (5%) per annum. The ordinance above required
shall determine whether said bonds shall be offered at
public or private sale and, if at public sale, the terms and
conditions thereof and the form of the notice of such sale.
Within the foregoing limitations, the Town shall have,
and is hereby granted, full and complete authority and
discretion to fix and determine in said ordinance the form
and tenor of any such bonds, the date or dates of issue
thereof, the rate or rates of interest payable thereon, or
the method of arriving at the same, the medium of pay-
ment of such principal and interest, the date or dates upon
which said bonds shall respectively mature and be pay-
able, the manner of selling said bonds and, generally, all
matters incident or necessary to the proper issuance, sale
and delivery thereof. Specifically, said ordinance shall fix
and determine the dates for payment of interest on said
bonds, the manner of executing said bonds and the coupons