1448 LAWS OF MARYLAND [CH. 520

cil of Salisbury be, and it is hereby authorized and empowered
to borrow from time to time a sum or sums of money not ex-
ceeding in the aggregate Eight Hundred and Fifty thousand
Dollars ($850, 000. 00) EIGHT HUNDRED AND TEN
THOUSAND DOLLARS ($810, 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, Sewage Treatment Plant 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 forty
(40) 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 at-
tested 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 Salisbury shall sell said bonds at
public sale by sealed bids, after giving at least two weeks' no-
tice thereof in one or more newspaper published in the City of
Salisbury, and in such other newspapers as The Mayor and
Council of Salisbury shall direct, under the supervision of
and at such times and in such amounts as The Mayor and
Council of Salisbury shall order, but no bonds shall be sold by
sealed bids, except at prices approved by The Mayor and Coun-
cil of Salisbury and no bonds shall be sold at prices less than
par. The Mayor and Council of Salisbury shall have the right
to reject any and all bids. The said Clerk of Salisbury shall
deliver said bonds so sold to the purchaser or purchasers
thereof, and receive the money therefor, including any pre-
miums thereon, and said money, including said premiums, if
any, shall be immediately credited by the Clerk of Salisbury
on his books to the "Salisbury, Maryland, Sewage Treatment
Plant Bonds", to be applied only for the purposes specified in
this Act, and shall be expended upon order of the "Salisbury
Incinerator and Sewage Treatment Plant Commission" created
by Section 4 of said Chapter 103 of the Acts of the General As-
sembly of Maryland, (1949 Session), and by checks or drafts
signed by the Treasurer of the City of Salisbury and counter-