1050 LAWS OF MARYLAND [CH. 559

dustries Account", to be used to purchase a parcel or
parcels of land within the city limits of the City of Cris-
field and/or within a radius of three miles from any
part of such city limits, for the purpose of erecting
thereon a building or buildings to be leased to new in-
dustries at such rentals and on such terms and conditions
as the Mayor and Council shall agree.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That for the purpose of purchasing a parcel or
parcels of land within the City of Crisfield and/or within
a radius of three miles from any part of such city limits,
for the purpose of erecting thereon a building or buildings
to be leased to new industries at such rentals and on such
terms and conditions as the Mayor and Council of the City
of Crisfield shall agree, the Mayor and Council of Crisfield,
a municipal corporation of the State of Maryland, be and
it is hereby authorized and empowered to borrow from
time to time a sum or sums of money not exceeding in the
aggregate One Hundred Thousand Dollars ($100, 000),
upon the faith and credit of the said corporation and to
issue and sell serial bonds therefor, which said bonds shall
be known as the "New Industries Bonds of the City of
Crisfield. "

SEC. 2. And be it further enacted, That the said bonds
to be issued from time to time under this Act shall be either
registered or coupon bonds, issued in such denominations
as shall be determined by the Mayor and Council of Cris-
field by ordinance, shall bear interest at a rate not exceed-
ing four per centum (4%) per annum, payable semi-
annually, shall all be serial type bonds, and shall all mature
in not exceeding twenty-five (25) 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 Crisfield, with the seal of the City attached there-
to, attested by the Clerk of Crisfield, and if coupon bonds,
the coupons thereon shall be signed by the Clerk of Cris-
field, or a facsimile of his signature shall be stamped,
printed or engraved thereon. Said bonds, when signed and
attested as heretofore directed, shall be delivered to the
Treasury of Crisfield, and the bond of said Treasurer shall
be responsible for the safe keeping of said bonds and the
proceeds thereof. The Mayor and Council of Crisfield shall
sell said bonds at public sale by sealed bids, after giving at
least two weeks' notice thereof in one or more newspapers
published in the City of Crisfield, and in such other news-
papers as the Council of the City of Crisfield shall direct,
under the supervision of and at such times and in such