1248 LAWS OF MARYLAND [CH. 445

field (hereinafter referred to as the "City") to make needed
improvements, extensions and repairs to the streets, highways,
and gutters of said City and, also, to provide certain needed
improvements to the water supply system of said City, said
City is hereby authorized and empowered at one time and from
time to time, to borrow a sum or sums of money not exceeding
Fifty Thousand Dollars ($50, 000. 00), upon the terms and con-
ditions and subject to the limitations set forth in Section 2 of
this Act, and to evidence said borrowing by the issuance to the
lender or lenders of its general obligation, serial maturity cou-
pon bonds, in like par amount.

SEC. 2. And be it further enacted, That said bonds, and the
coupons attached thereto, shall be in such form and denomina-
tions and shall be executed and delivered in such manner as
the City may from time to time decide, such decision, however,
to be made, with respect to each particular group of bonds sold,
prior to the delivery thereof, by one or more legally adopted
ordinances. Such bonds, as issued, shall be dated, shall bear
interest at such rate or rates not exceeding four per centum
(4%) per annum, payable semi-annually and shall mature in
consecutive annual serial installments at such time or times
not exceeding fifteen (15) years from their elate or dates of
issue as may be determined in said ordinances above referred
to. Said bonds, or any of them, may be made redeemable be-
fore maturity at the option of the City at such price or prices
and under such terms and conditions as may be fixed by the
City in said ordinance or ordinances. The principal and interest
of such bonds may be made payable in any lawful medium and
the City may fix the place or places of such payment, which
may be at any bank or trust company within or without the
State. In case any officer whose signature shall appear on any
such bonds or coupons shall cease to be such officer before de-
livery of the bonds, such signature shall nevertheless be valid
and sufficient for all purposes the same as if he had remained
in office until delivery. Provision may be made by the City for
the registration of any such bonds in the name of the owner
or owners thereof as to principal alone and, also, as to both
principal and interest, and for the reconversion of any of the
bonds so registered as to both principal and interest into cou-
pon bonds. The City shall sell said bonds at public sale in the
manner prescribed by Section 35 of Article 31, Code of Public
General Laws of Maryland (1939 Edition) and for such price
or prices as it may from time to time determine to be for its
best interest, but no such sale shall be made at a price so low
as to require the payment of interest on the money received
therefor at more than four per centum (4%) per annum, com-