J. MILLARD TAWES, Governor                      665

Sec. 3. And be it further enacted, That subject to the aforegoing
limitations the Town shall, before borrowing any money or issuing
any bonds pursuant to the authority of this Act, adopt a resolution
describing the system or sewers for which said borrowing or indebt-
edness is intended, the amount needed for said purposes and deter-
mining to borrow money or incur indebtedness for all or part of the
amount so needed and to issue its bonds to evidence such borrowing
or indebtedness. Each series or group of said bonds shall be issued
to mature in annual serial installments. The last installment to
mature not later than thirty years from the date of issue of said
group or series. In said resolution, said Town shall fix the annual
serial maturity plan with respect to the bonds to be issued there-
under and said annual serial maturities shall be so fixed as to conform
to the general financial plans of the Town, but need not be in equal
par amount or in consecutive annual installments.

Subject to the limitations herein contained, said Town shall have,
and is hereby granted, full and complete authority and discretion
to fix and determine in said resolution the form and tenor of any
such bonds, the rate or rates of interest payable thereon, or the
method of arriving at the same, the date or dates upon which said
bonds shall respectively mature and be payable, the manner of selling
said bonds at public sale and generally all matters incident or neces-
sary to the issuance, sale and delivery thereof.

The bonds of each such issue shall be dated, shall bear interest at
such rate or rates not exceeding 6% per annum, payable semi-
annually, shall mature at such time or times as may be determined
by said resolution and said bonds may, by said resolution, be made
redeemable before maturity at the option of the Town at such price
or prices and under such terms and conditions as may be fixed by
said Town, either in said resolution or in subsequent resolutions,
but prior to the issuance of said bonds. The principal of and the
interest on said bonds may be made payable in any lawful medium.
Said resolution shall determine the form of said bonds including any
interest coupons to be attached thereto and the manner of executing
and sealing the same, which may be by facsimile, and shall fix the
denomination or denominations of the bonds and the place or places
of payment of the principal and interest thereon, which may be at
any bank or trust company within or without the State of Maryland.
In case of any officer, whose signature shall appear on any such
bond or on the coupons attached thereto, shall cease to be such officer
before the delivery thereof, such signature shall nevertheless be valid
and sufficient for all purposes, the same as if he had remained in
office until such delivery.

Said bonds may, by any such resolution, be issued in coupon or in
registered form or both and provision may be made for the registra-
tion of said bonds having coupons attached as to principal alone and
also as to both principal and interest, and for the reconversion of
said bonds into coupon form, if any such bonds shall have been reg-
istered as to both principal and interest. Such bonds shall not be
subject to the provisions of Sections 9, 10 and 11 of Article 31 of
the Code of Public General Laws of Maryland, 1957 Edition, but
said Town shall offer said bonds only by solicitation of competitive
bids therefor at public sale. Said bonds may be sold for such price
or prices as may be determined to be for the best interests of the