THEODORE R. MCKELDIN, GOVERNOR 117

without the State. In case any officer whose signature
shall appear on any such bonds or coupons shall cease to be
such officer before delivery of the bonds, such signature
shall nevertheless be valid and sufficient for all purposes
the same as if he had remained an officer until delivery.
Provision may be made by the City for the registration of
any such bonds in the name of the owner or owners thereof
as to principal alone and, also, as to both principal and
interest, and for the reconversion of any of the bonds so
registered as to both principal and interest into coupon
bonds. The City shall sell said bonds at public sale in the
manner prescribed by Section 35 of Article 31, Code of
Public General Laws of Maryland (1939 Edition) and for
such price or prices as it may from time to time determine
to be for its best interest, but no such sale shall be made at
a price so low as to require the payment of interest on the
money received therefor at more than Four Per Centum
(4%) Per Annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables
of bond values, excluding, however, from such computation
the amount of any redemption premium. Such bonds shall
not be subject to the provisions of Section 36 of said Article
31, Code of Public General Laws of Maryland (1939 Edi-
tion), but they shall be issued on an annual serial maturity
plan so that a certain number of said bonds will mature in
consecutive annual serial installments. The City may pro-
vide by ordinance the conditions under which it will re-
place any bonds which may become mutilated or be des-
troyed or lost after the issuance thereof.

SEC. 4. 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 hereto, 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. 5. And be it further enacted, That in order to pro-
vide for the payment of the prinicipal and interest of said
bonds as and when the same respectively mature and are
payable, the City shall, in each year that any of said bonds
are outstanding, levy upon all property subject to assess-
ment for taxation within the corporate limits of the City,
ad valorem taxes sufficient in rate and amount to provide
the moneys necessary to pay said principal and interest
when due. Said taxes shall be levied without regard to any
present or future limitations of the powers of taxation of
the City and shall have the same priority and lien and shall