THEODORE R. MCKELDIN, GOVERNOR 1051

amounts as the Council of the City of Crisfield shall order,
but no bonds shall be sold by sealed bids, except at prices
approved by the Council of the City of Crisfield and no
bonds shall be sold at prices less than par. The Council of
the City of Crisfield shall have the right to reject any and
all bids. The said Treasurer of Crisfield shall deliver said
bonds so sold to the purchaser or purchasers thereof, and
receive the money therefor, including any premiums
thereon.

SEC. 3. And be it further enacted, That following the
issuance of any bonds pursuant to the authority of this
Act, the Mayor and Council of Crisfield shall establish a
separate account, to be known as the "New Industries Ac-
count" to which the entire net proceeds of the sale of said
bonds shall be credited, and such proceeds so credited to
said account shall thereafter be expended only, upon the
approval of the Mayor and Council of Crisfield, for the pur-
chase of a parcel or parcels of land and the erection of a
building or buildings as aforesaid.

SEC. 4. And be it further enacted, That all moneys re-
ceived from rentals or lease of any and all of said parcel
or parcels of land and any and all buildings erected thereon,
shall be deposited in a Second and Separate New Indus-
tries Account, and whenever there shall be a total of
$10, 000. 00 or more in the Second and Separate New In-
dustries Account, all moneys in excess of $5, 000. 00 shall
be transferred to the general fund of the City of Crisfield,
and used expressly for the payment of principal and in-
terest on the bonds authorized by this Act, together with
such other moneys as may be or have been levied to pay
the principal and interest on said bonds.

SEC. 5. And be it further enacted, That no sum realized
from the sale of said bonds, in excess of $5, 000. 00, shall be
expended by the Mayor and Council of Crisfield for the pur-
pose or purposes aforesaid without such expenditure or
expenditures first being approved by the legally qualified
voters of the City of Crisfield at a special referendum
election or elections, of which ten days notice of such elec-
tion shall be given by advertisement, in one or more news-
papers published in Crisfield, Somerset County, Md., and
by posters posted in front of the City Hall in the City of
Crisfield, Maryland, setting forth the details of the pro-
posed expenditure or expenditures, the size and number
of the parcel or parcels of land to be acquired and their
location, the size and type of construction of the building