THEODORE R. MCKELDIN, GOVERNOR 223

from time to time to borrow a sum or sums of money not
exceeding Fifty Thousand Dollars ($50, 000. 00) and to evi-
dence such borrowing by the issuance and sale at public
sale of its general obligation serial maturity coupon bonds,
in like par amount, provided such borrowing shall first
be approved by a majority of the registered voters of the
Town at a referendum on said question duly held by the
Town either before or after the effective date of this Act.
Said bonds shall be in coupon form and shall contain such
provisions and be in such denominations and shall be exe-
cuted and delivered in such manner as the Town may, by
one or more ordinances adopted prior to the delivery there-
of, determine. Such bonds, as issued, shall be dated,
shall bear interest at such rate or rates not exceeding
five per centum (5%), per annum, payable semi-annu-
ally and evidenced by appropriate coupons, and shall
mature in annual serial installments at such time or times
not exceeding thirty (30) years from their date or dates
of issue as may be determined in any such ordinances,
provided that such annual installments need not be con-
secutive nor in equal amounts. Said bonds, or any of them,
may be made redeemable before maturity at the option of
the Town at such price or prices and under such terms or
conditions as may be fixed by the Town in the ordinance or
ordinances authorizing the issue and sale of said bonds, or
any of them, and express authority is hereby conferred to
redeem said bonds at premium prices in excess of the par
value of said bonds, such premiums and the redemption
procedure to be fixed by the Town in the above mentioned
ordinance or ordinances at the time said bonds are issued.
The principal and interest of said bonds may be made pay-
able in any lawful medium and the Town may fix the place
or places of such payment which may be at any bank or
trust company within or 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
in office until such delivery. Provision may be made by
the Town for the registration of such bonds in the name
or names 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 such bonds so registered as
to principal and interest into coupon bonds. As above pro-
vided, the Town shall first offer said bonds for sale at
public sale in the manner prescribed by Section 33 of
Article 31 of the Annotated Code of Maryland (1951 Edi-