THEODORE R. MCKELDIN, GOVERNOR 1581

(1951 EDITION). The bonds hereby authorized shall be
known as "Havre de Grace Municipal Utilities Commission
Bonds", shall be in such form and denominations, shall
bear the date of issue, shall be sold either at public or
private sale at not less than par, and shall bear such rate
of interest, not exceeding 4% OR RATES OF INTER-
EST, NO SINGLE RATE TO EXCEED FOUR PER
CENT PER annum, as the Mayor and City Council of
Havre de Grace may by ordinance determine. The said
bonds shall be numbered consecutively, and shall mature
and be payable in annual serial installments over a period
of NOT EXCEEDING thirty years, accounting from their
date of issue, subject to prior redemption in order of their
consecutive numbers at par plus accrued interest, from

funds designated by said Mayor and City Council for that

purpose SUBJECT TO PRICE REDEMPTION AT ANY
TIME AFTER THE EXPIRATION OF FIVE YEARS
FROM THEIR RESPECTIVE DATES OF ISSUE AT
PRICES AT, ABOVE OR BELOW THE PAR VALUE
THEREOF, AS DETERMINED BY THE MAYOR AND
CITY COUNCIL OF HAVRE DE GRACE PRIOR TO
THE RESPECTIVE DATES OF ISSUE OF SAID
BONDS, ANY SUCH BONDS SO TO BE CALLED IN
THE INVERSE ORDER OF THEIR MATURITIES AND
ONLY AFTER ADEQUATE NOTICE THEREOF SHALL
HAVE BEEN PUBLISHED BY THE MAYOR AND
CITY COUNCIL. AT THE TIME OF SUCH REDEMP-
TION SAID MAYOR AND CITY COUNCIL SHALL
DESIGNATE THE FUNDS AVAILABLE FOR THAT
PURPOSE. SAID BONDS, AND THE INTEREST PAY-
ABLE THEREON IN THE HANDS OF THE OWNER
OR OWNERS THEREOF FROM TIME TO TIME SHALL
BE AND REMAIN EXEMPT FROM STATE, COUNTY
AND MUNICIPAL TAXATION OF EVERY KIND AND
NATURE WHATSOEVER IN THE STATE OF MARY-
LAND.

SEC. 2. And be it further enacted, That for the purpose
of paying the interest and redeeming said bonds according
to the terms of their issuance, the Mayor and City Council
of Havre de Grace shall annually levy a tax upon the assess-
able property of said city, IN RATE AND AMOUNT
SUFFICIENT TO MEET THE ANNUALLY RECUR-
RING DEBT SERVICE ON SAID BONDS SO LONG AS
ANY OF THEM ARE OUTSTANDING, AND NOT-
WITHSTANDING ANY LIMITATION ON THE POWER
OF THE CITY TO LEVY TAXES.