224 LAWS OF MARYLAND [CH. 109

tion) and for such price or prices as it may from time to
time determine to be for its best interest either at, above
or below the par value thereof, 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 five per
centum (5%) per annum computed with relation to the
absolute maturity of the bonds in accordance with standard
tables of bond values, excluding, however, from such com-
putation the amount of any redemption premium. The
bonds hereby authorized are specifically exempted from the
provisions of Section 35 of Article 31 of the Annotated
Code of Maryland (1951 Edition) and, in addition, if the
Town shall receive no bids for said bonds when the same
are offered for public sale as aforesaid, then, and in such
event, the Town may sell said bonds by private negotiation
at the best price obtainable therefor, provided, however,
that the foregoing limitations on sale below par shall still
obtain. The Town may, from time to time, provide by
ordinance the conditions under which it will replace any
of the bonds hereby authorized, which may become muti-
lated or be destroyed or lost after the issuance thereof.

SEC. 3. And be it further enacted, That the bonds hereby
authorized to be issued and the interest paid or payable
thereon, in the hands of the persons entitled thereto, 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. 4. And be it further enacted, That in order to
provide for the payment of the principal and interest of
said bonds as and when the same respectively mature and
are payable, the Town shall, in each year that any of said
bonds are outstanding, levy upon all property subject to
assessment for taxation within the corporate limits of the
Town, 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 re-
gard to any present or future limitations on the powers of
taxation of the Town and shall have the same priority and
lien and shall be levied and collected in the same manner as
other Town taxes and the payment thereof shall be en-
forced in the same manner as payment of such other Town
taxes are enforced.

SEC. 5. And be it further enacted, That any and all
laws or parts of laws or any part or parts of the Charter
of the Town conflicting in any way herewith are hereby re-