WM. PRESTON LANE, JR., GOVERNOR. 313

of said bonds will have matured and been paid within twenty
(20) years from said date of issue. Said bonds may be offered
for sale at public sale or by private negotiation, as the Mayor
and Council of Crisfield by said ordinance shall determine,
and in the event a public sale thereof is determined upon, then
the same shall be conducted in all respects in accordance with
the provisions of Section 35 of Article 31 of the Code of Public
General Laws of Maryland (1939 Edition); provided, how-
ever, that notwithstanding the provisions of said Section 35,
the Mayor and Council of Crisfield may, in its absolute discre-
tion, determine to sell said bonds at private sale. Said bonds
shall not, however, be sold either at public or private sale at
a price less than par and accrued interest, nor shall said
bonds be issued to bear interest at a rate in excess of five per
centum (5%) per annum. All of said bonds shall be issued,
if at all, at one time and within a period of one year from
the effective date of this Act. In authorizing the issuance of
said bonds, said municipality shall, by the above mentioned
ordinance, have full and complete discretion to determine the
denominations thereof, the medium and place of payment
thereof, the officers who shall execute the same, the instal-
ments in which interest shall be paid and the dates and place
or places of such payment. Said bonds may, by such ordi-
nance, be authorized in coupon or in registered form, or both,
and provision may be made for the registration of said bonds,
having coupons attached, as to principal alone and, also, as
to both principal and interest, and for the reconversion of
said bonds into coupon form, if any of such bonds shall have
been registered as to both principal and interest.

SEC. 3. And l>e it further enacted, That the bonds hereby
authorized shall constitute, and they shall so recite, an
irrevocable pledge of the full faith and credit and unlimited
taxing power of the municipality to the payment of the ma-
turing principal and interest of said bonds as and when the
same respectively mature. Said municipality is hereby
authorized and directed to levy ad valorem taxes, without
limitation as to rate or amount, for said purpose, notwith-
standing any other limitation on the powers of said munici-
pality to levy such taxes, and said ad valorem taxes shall be
levied upon all property subject to assessment for taxation at
the full municipal tax rate within the corporate limits of
said municipality as the same may be now or may hereafter
be defined.

SEC. 4. And be it further enacted, That in the ordinance
authorizing said bonds said municipality shall provide for the
segregation of the entire principal amount of the proceeds of