298 LAWS OF MARYLAND [CH. 147

ing its water supply, sanitary sewer and storm water drain-
age systems, The City of Salisbury, a municipal corporation
of the State of Maryland, be, and it is hereby authorized
and empowered to borrow from time to time a sum or sums
of money not exceeding in the aggregate One Hundred
Ninety Thousand Dollars ($190, 000. 00), upon the faith and
credit of the said corporation and to issue and sell serial
bonds therefor, which said bonds shall be known as "Salis-
bury, Maryland, Water Supply, Sewer and Storm Drainage
Bonds".

SEC. 2. And be it further enacted, That the said bonds
to be issued from time to time under this Act shall be either
registered or coupon bonds, issued in such denominations
as shall be determined by The City of Salisbury by ordi-
nance, shall bear interest at a rate not exceeding four per
centum (4%) per annum, payable semi-annually, shall all
be serial type bonds, and shall all mature in not exceeding
twenty-five (25) years from the date of issue, and shall be
forever exempt from State, County and Municipal taxation.
Said bonds shall be signed by the Mayor of Salisbury, with
the seal of the City attached thereto, attested by the Clerk
of Salisbury, and if coupon bonds, the coupons thereon shall
be signed by the Clerk of Salisbury or a facsimile of his
signature shall be stamped, printed or engraved thereon.
Said bonds, when signed and attested as heretofore di-
rected, shall be delivered to the Treasurer of Salisbury, and
the bond of said Treasurer shall be responsible for the safe
keeping of said bonds and the proceeds thereof. The City
of Salisbury shall sell said bonds at public sale by sealed
bids, after giving at least two weeks' notice thereof in one
or more newspapers published in the City of Salisbury,
and in such other newspapers as the Council of The City
of Salisbury shall direct, under the supervision of and at
such times and in such amounts as the Council of The City
of Salisbury shall order, but no bonds shall be sold by
sealed bids, except at prices approved by the Council of The
City of Salisbury and no bonds shall be sold at prices less
than par. The Council of The City of Salisbury shall have
the right to reject any and all bids. The said Treasurer
of Salisbury shall deliver said bonds so sold to the pur-
chaser or purchasers thereof, and receive the money there-
for, including any premiums thereon, and said money in-
cluding said premiums, if any, shall be immediately credited
by the Treasurer of Salisbury on his books to the "Salis-
bury, Maryland, Water Supply, Sewer and Storm Drainage
Bonds", to be applied only for the purposes specified in this
Act, except that all costs incident to the preparation and