1240 LAWS OF MARYLAND [CH. 439

CHAPTER 439
(House Bill 735)

AN ACT to authorize and empower The Mayor and Council
of Salisbury to borrow upon the faith and credit of Salis-
bury a sum or sums of money not exceeding One Hundred
Forty Thousand Dollars ($140, 000. 00), and to issue bonds
for the payment of the same and to use the proceeds thereof
for the purpose of extending and improving the water
supply, sanitary sewer and storm water drainage systems
of the City of Salisbury; and providing for the manner of
payment of said bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That for the purpose of improving and extending the
water supply, sanitary sewer and storm water drainage sys-
tems of the City of Salisbury, The Mayor and Council of Salis-
bury be, and it is hereby authorized and empowered to borrow
from time to time a sum or sums of money not exceeding in
the aggregate One Hundred Forty Thousand Dollars ($140, -
000. 00), upon the faith and credit of the City of Salisbury,
and to issue and sell Serial bonds therefor, which said bonds
shall be known as "Salisbury, Maryland, Water Supply, Sewer
and Storm Drainage Bonds".

SEC. 2. And be it further enacted, That the said bonds to be
issued from time to time under this Act shall be either regis-
tered or coupon bonds, issued in such denominations as shall
be determined by The Mayor and Council of Salisbury by
ordinance, shall bear interest at a rate not exceeding four per
centum (4%) per annum, payable semi-annually, shall all be
serial type bonds, and shall all mature in not exceeding
twenty-five (25) years from the date of issue, and shall be
forever exempt from State, County and Municipal taxation.
Said bonds shall be signed by the Mayor of Salisbury, with
the seal of the City attached thereto, attested by the Clerk
of Salisbury, and if coupon bonds, the coupons thereon shall
be signed by the Clerk of Salisbury or a facsimile of his
signature shall be stamped, printed or engraved thereon. Said
bonds, when signed and attested as heretofore directed, shall
be delivered to the Clerk of Salisbury, and the bond of said
Clerk shall be responsible for the safe keeping of said bonds
and the proceeds thereof. The Mayor and Council of Salis-

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.

CAPITALS indicate amendments to bill.

Strike out indicates matter stricken out of bill.