THEODORE R. MCKELDIN, GOVERNOR 691

lar group of bonds sold, prior to the delivery thereof, by one
or more legally adopted ordinances. Such bonds, as issued,
shall be dated, shall bear interest at such rate or rates not
exceeding four per centum (4%) per annum, payable semi-
annually and shall mature in consecutive annual serial
installments at such time or times not exceeding forty (40)
years from their date or dates of issue as may be deter-
mined in said ordinances above referred to. Said bonds, or
any of them, may be made redeemable before maturity at
the option of the City at such price or prices and under
such terms and conditions as may be fixed by the City in
said ordinance or ordinances. The principal and interest
of such bonds may be made payable in any lawful medium
and the City 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 delivery.
Provision may be made by the City for the registration
of any such bonds in the name 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 the bonds so
registered as to both principal and interest into coupon
bonds. The City shall sell said bonds at public sale in the
manner prescribed by Section 33 of Article 31, Code of
Public General Laws of Maryland (1951 Edition) and for
such price or prices as it may from time to time determine
to be for its best interest, 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 four per centum
(4%) per annum, computed with relation to the absolute
maturity of the bonds in accordance with standard tables
of bond values, excluding, however, from such computation
the amount of any redemption premium. Such bonds shall
not be subject to the provisions of Section 34 of said Article
31, Code of Public General Laws of Maryland (1951 Edi-
tion), but they shall be issued on an annual serial maturity
plan so that a certain number of said bonds will mature
in consecutive annual serial installments. The City may
provide by ordinance the conditions under which it will
replace any bonds which may become mutilated or be
destroyed or lost after the issuance thereof.

SEC. 4. And be it further enacted, That the bonds hereby
authorized to be issued and the interest paid thereon, in
the hands of the persons entitled thereto, from time to time,