734 LAWS OF MARYLAND [CH. 395

the necessary equipment therefor, the said amount so bor-
rowed to be used for no other purpose whatsoever.

SEC. 2. And be it further enacted, That the said bonds,
notes or other certificates of indebtedness shall be issued
in such denominations as shall be determined by the said
Mayor and City Council, shall bear interest at a rate to be
determined by, or to be fixed in a manner determined by,
the said Mayor and City Council, not in excess of six per
cent (6%) per annum, payable semi-annually, and shall be
dated on the date of their issue and shall mature not ex-
ceeding ten years from the date of their issue; and in the
event that bonds shall be issued by the said Mayor and City
Council, then such bonds shall be retired serially as the
said Mayor and City Council shall determine. The manner
in which said bonds, notes or other certificates of indebted-
ness shall be signed, the terms of sale, and all other details
regarding their issuance and sale, shall be fixed by resolu-
tion of the Mayor and City Council of Laurel. Said bonds,
notes or other certificates of indebtedness shall be exempt
from all State, county and municipal taxation, and shall
have printed on them a distinct reference to the Act author-
izing their issuance.

SEC. 3. And be it further enacted, That the Mayor and
City Council of Laurel be and it is hereby authorized and
directed to levy each year so long as said bonds, notes or
other certificates of indebtedness are outstanding and not
paid, an ad valorem tax upon all property subject to taxa-
tion in the Town of Laurel, sufficient in rate and amount
to pay the interest on all outstanding bonds, notes or other
certificates of indebtedness and to pay the principal on all
bonds, notes or other certificates of indebtedness maturing
during such year, the proceeds of said tax to be kept in a
special fund and in no case to be used for any other pur-
pose. In case such bonds, notes or other certificates of
indebtedness shall be issued in any year after the making of
the regular levy for that year, then the Mayor and City
Council of Laurel is authorized and directed to pay any
and all interest coming due before the next levy out of any
other funds at its disposal and to levy at the next succeed-
ing levy to reimburse such other funds.

SEC. 4. And be it further enacted, That the Mayor and
City Council of Laurel be and it is hereby authorized and
empowered to do all acts and things necessary to issue and
sell or negotiate said bonds, notes or other certificates of
indebtedness, to have the same registered if necessary,
and to do all things necessary to carry out the purposes