1382 LAWS OF MARYLAND [CH. 492

payable thereon, not exceeding four per centum (4%) per
annum, which may vary in different issues, or the method of
arriving at the same, the date or dates upon which said bonds
shall mature and be payable, provided they shall mature in
annual serial instalments over periods not exceeding fifteen
(15) years from their date or dates of issue, the method and
manner of the sale of said bonds, and generally all matters
incident or necessary to the issuance, sale, delivery and pay-
ment thereof. Each such ordinance shall determine the form
of the bonds issued thereunder and the manner of their execu-
tion, shall fix the denomination and the place of payment of the
principal and interest thereon. In case any officer whose
signature shall appear on any such bonds, or on the coupons
thereto, shall cease to be such officer before their delivery,
such signature shall, nevertheless, be valid and sufficient for
all purposes to the same extent as if such officer had remained
in office until such delivery. Should any officer authorized by
such ordinance to execute such bonds die or become disabled
after the passage of such ordinance and prior to the execution
of the bonds, the City may, by a supplemental ordinance, desig-
nate any other officer, in its discretion, to execute the same.
Said bonds may be issued in coupon form, registerable as to
principal or interest, or both, and may contain provisions for
the redemption thereof, at par or par plus a premium, prior to
maturity, all as determined by such ordinance. Said bonds
shall be sold in accordance with the provisions of Sections 35
and 36 of Article 31 of the Annotated Code of Public General
Laws of Maryland (1939 Edition), except that the limitations
on the length of maturities in said Section 36 shall not apply.

SEC. 3. And be it further enacted, That before issuing any
of such bonds, the City shall, by ordinance, determine the
project or projects for which funds are required, and the money
so borrowed, or the indebtedness incurred, in evidence of
which said bonds shall be issued, shall be used by the City
exclusively and solely for the project or projects described in
said ordinance. If the funds derived from the sale of any
issue of such bonds shall exceed the amount needed to finance
the project or projects described in the ordinance, the excess
funds shall be set apart by the City and shall be applied in
meeting principal maturities or in redemption of the bonds
so issued.

SEC. 4. And be it further enacted, That all of the bonds
issued under the provisions of this Act shall be issued upon
the full faith and credit of the City and shall be payable from
unlimited ad valorem taxes levied upon all assessable prop-
erty within the corporate limits of the City as now or here-