1580 LAWS OF MARYLAND [CH. 702

of said City in a principal amount not to exceed Four
Hundred Thousand Dollars ($400, 000) to mature in part

serially over a period of thirty years from their date

of issue, and in part at the end of said thirty-year period,
subject to prior redemption, the proceeds to be used for
FROM TIME TO TIME, COUPON BONDS OF SAID
CITY AT PUBLIC OR PRIVATE SALE IN THE
PRINCIPAL AMOUNT NOT TO EXCEED FOUR
HUNDRED THOUSAND DOLLARS ($400, 000), TO
MATURE SERIALLY OVER A PERIOD NOT EX-
CEEDING THIRTY YEARS FROM THEIR DATE OF
ISSUE, SUBJECT TO PRIOR REDEMPTION, AT,
ABOVE OR BELOW THE PAR VALUE THEREOF
AFTER FIVE YEARS FROM DATE OF ISSUE, THE
PROCEEDS TO BE USED FOR the construction, re-
construction, repair, extension and alteration of the
water supply system, including the filtration and pump-
ing plant, and the reservoir of the Municipal Utilities
Commission of said City, and providing for the levying
of taxes by said Mayor and City Council to repay the
loan and interest thereon, and providing that said loan,
and every part thereof, and the interest payable thereon,
shall remain exempt from State, county and municipal
taxation.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Mayor and City Council of Havre de
Grace be and it is hereby authorized and empowered, by
ordinance, to issue and sell, FROM TIME TO TIME, on
its faith and credit coupon bonds in the principal amount
not exceeding Four Hundred Thousand Dollars ($400, 000),
the proceeds of the sale of said bonds to be used for the
construction, reconstruction, repair, extension and altera-
tion of the water supply system, including the filtration
and pumping plant, and the reservoir of the Municipal
Utilities Commission of said City, EITHER WITHIN OR
WITHOUT THE PRESENT AND FUTURE CORPO-
RATE LIMITS OF THE CITY, the said Mayor and City
Council to have the absolute right to allocate funds among
the several purposes hereof in whatever proportions they
deem right and proper. NOTWITHSTANDING THE PRO-
VISIONS OF ANY OTHER LAW, THE CITY SHALL
HAVE THE RIGHT TO SELL THE BONDS HEREBY
AUTHORIZED BY PRIVATE NEGOTIATION, BUT IF
SAID BONDS ARE SOLD AT PUBLIC SALE, SUCH
SALE SHALL BE CONDUCTED IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 33 OF ARTI-
CLE 31 OF THE ANNOTATED CODE OF MARYLAND