642 LAWS OF MARYLAND [CH. 341

SECTION 1. Be it enacted by the General Assembly of
Maryland, That in addition to any other power or authority
heretofore granted, the Council of the City of Takoma
Park is hereby authorized and empowered to borrow at
one time, or from time to time, a sum or sums of money
not exceeding in the aggregate Thirty-five Thousand Dol-
lars ($35,000.00) and to evidence such borrowing by the
issuance upon its full faith and credit, at one time or from
time to time, of its general obligation serial maturity cer-
tificates of indebtedness. The proceeds of the sale of said
certificates shall be used by the Council to PURCHASE OR
construct and equip a library building within the corporate
limits of the City of Takoma Park. Before issuing any
such certificates, the Council shall adopt an ordinance
stating the amount required to PURCHASE OR construct
and equip the said library building and determining to
borrow such amount by the issuance of its general obliga-
tion serial maturity certificates of indebtedness. In each
such ordinance the Council shall fix the serial maturity
plan for the said certificates authorized thereby and not-
withstanding the provisions of Section 34 of Article 31
of the Code of Public General Laws of Maryland (1951
Edition), said certificates may be issued to mature
over a period of ten (10) years from the date of issue
in periodic serial installments which need not be in
equal amounts or in consecutive annual installments.
None of the provisions of Sections 32, 33 and 34 of Article
31 of the Code of Public General Laws of Maryland (1951
Edition), shall be applicable to the certificates authorized
hereby, but said certificates may be offered at public sale
by competitive biddings or may be sold by private negotia-
tion, provided that none of such certificates shall be sold
at a price less than par and accrued interest, and none of
such certificates shall be offered to bear interest at a rate
in excess of four per centum (4%) per annum. The ordi-
nance above required shall set forth whether said certifi-
cates shall be offered at public or private sale and, if at
public sale, the terms and conditions thereof and the form
of the notice of such sale. Within the foregoing limita-
tions and without submitting the proposed to referendum,
the Council shall have, and is hereby granted, full and
complete authority and discretion to fix and determine in
said ordinance the form and tenor of any such certificates,
the date or dates of issue thereof, the rate or rates of in-
terest payable thereon, or the method of arriving at the
same, the medium of payment of such principal and in-
terest, the date or dates upon which said certificates shall
respectively mature and be payable, the manner of selling