THEODORE R. MCKELDIN, GOVERNOR 105

(1951 Edition). None of said bonds shall be sold at less
than the par value thereof and accrued interest to date of
payment. Notwithstanding the provisions of Section 33 of
Article 31 of the Code of Public General Laws, the City
may publish a brief notice summarizing the offering of
said bonds which shall indicate where a complete statement
of all the terms and conditions of said sale may be obtained
and, in addition to publication of said summary notice in
any newspaper having a general circulation in Worcester
County, said summary notice may likewise be published
in any journal having a circulation primarily among
bankers having an interest in the purchase and sale of
municipal securities.

SEC. 4. And be it further enacted, That the proceeds
from the sale of the bonds hereby authorized shall be paid
directly to the Treasurer of Ocean City, who shall disburse
the same only for the purposes enumerated in Section 1
hereof upon vouchers duly approved by the Mayor and
City Council at any regular or special meeting of said
Mayor and City Council.

SEC. 5. And be it further enacted, That the bonds
hereby authorized to be issued and the interest paid
thereon, in the hands of the persons entitled thereto, from
time to time, shall be and remain exempt from all State,
County and Municipal taxation of any kind and nature
whatsoever in the State of Maryland.

SEC. 6. And be it further enacted, That in order to
provide for the payment of the principal and interest of
said bonds as and when the same respectively mature and
are payable, the City may, in any fiscal year that any of
said bonds are outstanding, allocate from the receipts from
the Maryland Racing Commission and collection of water
rents sufficient funds to meet said principal and interest
maturities occurring in each such fiscal year, but in the
event the said proceeds are not so allocated or in the event
such allocation is insufficient for said purposes, the City
shall, beginning in each such fiscal year, provide the funds
necessary to meet the principal and interest maturities
occurring in such year by a levy upon all property subject
to assessments for taxation the corporate limits of the
City of ad valorem taxes sufficient in rate and amount to
provide in said fiscal year the moneys necessary for said
purposes. Said taxes shall be levied without regard to any
limitation on the powers of taxation of the City and shall
have the same priorities and lien and shall be levied and
collected in the same manner as other City taxes are levied