36 LAWS OF MARYLAND. [CH. 28

shall bear interest at a rate to be determined by the said
Mayor and City Council, not in excess of six per cent (6%)
per annum, payable semi-annually, and shall be dated on
the date of their issue and shall mature not exceeding ten
years from the date of their issue; and in the event that
bonds shall be issued by the said Mayor and City Council,
then such bonds shall be retired serially as the said Mayor
and City Council shall determine in accordance with Sec-
tions 34 to 36 inclusive, of Article 31 of the Annotated Code
of Maryland. Said bonds, notes or other certificates of in-
debtedness shall be exempt from all State, county and muni-
cipal taxation, and shall have printed on them a distinct
reference to the Act authorizing their issuance.

SEC. 3. And be it further enacted,, That the Mayor and
City Council of Laurel be and it is hereby authorized and
directed to levy each year so long as said bonds, notes or
other certificates of indebtedness are outstanding and un-
paid, a tax sufficient to redeem the same at their maturity
and to pay the interest thereon, the proceeds of said tax to
be kept in a special fund and in no case to be used for any
other purpose. In case such bonds, notes or other certificates
of indebtedness shall be issued in any year after the making
of the regular levy for that year, then the Mayor and City
Council of Laurel is authorized and directed to pay any and
all interest coming due before the next levy out of any other
funds at its disposal and to levy at the next succeeding levy
to reimburse such other funds.

SEC. 4. And be it further enacted, That the Mayor and City
Council of Laurel be and it is hereby authorized and em-
powered to do all acts and things necessary to issue and sell
or negotiate said bonds, notes or other certificates of in-
debtedness, to have the same registered if necessary, 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 Laurel or in any other
Act relating to the said town.

SEC. 5. And be it further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety, and
having been passed by a yea and nay vote, supported by three-
fifths of all of the members elected to each of the two Houses
of the General Assembly of Maryland, the same shall take
effect from the date of its passage.

Approved March 4, 1949.