80 LAWS OF MARYLAND [CH. 32

or the Mayor and Council of Pocomoke City and countersigned
by the Treasurer thereof with the seal of the Mayor and
Council of Pocomoke City affixed thereto, and said bonds
shall be designated as "POCOMOKE IMPROVEMENT BONDS OF
1951" and shall be numbered consecutively from one (1) to
twelve (12), inclusive, and shall bear interest at a rate not
exceeding three percent (3%) per annum, payable semi-
annually on the first days of April and October of each and
every year from the date of their issue. Said bonds shall be
exempt from all taxation for State, County and Municipal
purposes in the State of Maryland, and shall have printed on
them a direct reference to this Act authorizing their issue.

The said bonds to be issued under this Act shall each mature
in five (5) years from the date of issue; provided, however,
that the said Mayor and Council of Pocomoke City shall have
the right and privilege to pay any or all of the said bonds on
any interest paying date prior to date of maturity.

SEC. 2. And be it further enacted, That the Mayor and Coun-
cil of Pocomoke City is hereby authorized and empowered to
sell, said bonds to the highest bidder upon sealed proposals,
after having given at least ten (10) days notice by advertise-
ment in some newspaper printed and published in Worcester
County, Maryland, and by such other advertisement as the
Mayor and Council of Pocomoke City shall deem advisable,
but the right is reserved unto the Mayor and Council of Poco-
moke City to reject any and all bids. The Mayor and Council
of Pocomoke City is also authorized and empowered hereby to
sell all or any part of said bonds in its discretion at private
sale at not less than par and accrued interest.

SEC. 3. And be it further enacted, That the proceeds arising
from the sale of said bonds shall be used for the purpose of
extending and improving the water system and water supply of
Pocomoke City, and for the purpose of extending and improv-
ing the sewerage and drainage system and the streets, high-
ways, curbs and gutters of Pocomoke City.

SEC. 4. And lye it further enacted, That for the purpose of
securing the prompt payment of all installments of interest on
said bonds as the same shall become due, semi-annually as
aforesaid, and for the purpose of redeeming said bonds at
maturity or when called for payment at any interest paying
date, the Mayor and Council of Pocomoke City is hereby
authorized and directed to levy annually a tax upon the assess-
able property of Pocomoke City in such sums as may be neces-
sary and sufficient to pay the interest on said bonds semi-
annually and to redeem said bonds. And when redeemed, said
bonds shall be cancelled.