3820

MUNICIPAL CHARTERS

sewerage system and sewage treatment plant and providing
funds therefor.

SECTION 1. BE IT RESOLVED AND ORDAINED BY THE
COMMISSIONERS OF HEBRON by virtue of authority granted in
Article 11E of the Constitution of Maryland, that Section
157 of Article 23 of the Code of Public Local Laws of
Wicomico County (1965 Edition), title "Hebron", sub-title
"Sewers", be and the same is hereby repealed and
re—enacted with amendments, to read as follows:

157 Bonds: Issue

The Commissioners of Hebron are hereby authorized,
empowered and directed to construct and establish a
sewerage system and sewage treatment plant for the Town
of Hebron and for the purpose of providing funds
therefor, the Commissioners of Hebron are hereby
authorized and empowered to borrow from time to time a
sum or sums of money [not exceeding in the aggregate
fifty thousand dollars ($50,000.00),] AS SAID
COMMISSIONERS MAY DEEM TO BE NECESSARY TO CARRY OUT SUCH
PROJECTS AND TO ISSUE BONDS upon the FULL faith and
credit of the Town of Hebron, [and to issue and sell
serial bonds therefor, which said bonds shall be known as
"Hebron, Maryland Sewerage System Bonds". Any bonds
issued under this section shall be issued in such form as
said Commissioners shall determine with interest not
exceeding five percent (5%) per annum, and shall be
issued in accordance with the provisions of Sections
33—36, inclusive, of Article 31 of the Annotated Code of
Maryland (1939 Edition). Said bonds shall be forever
exempt from State, County and Municipal Taxation.] SAID
BONDS SHALL BE SERIAL BONDS ISSUED UPON SERIAL MATURING
PLAN AND IN SUCH DENOMINATIONS AS SHALL BE DETERMINED BY
THE COMMISSIONERS, SAID BONDS MAY BE REDEEMABLE BEFORE
MATURITY AT THE OPTION OF THE COMMISSIONERS AT SUCH PRICE
AND UNDER SUCH TERMS AND CONDITIONS AS MAY BE FIXED BY
THE COMMISSIONERS PRIOR TO THE ISSUANCE OF SAID BONDS,
SHALL BEAR INTEREST AT A RATE PER ANNUM TO BE DETERMINED
BY SAID COMMISSIONERS, SAID INTEREST BEING PAYABLE
SEMI-ANNUALLY AND SHALL MATURE IN NOT MORE THAN FORTY
(40) YEARS AFTER DATE OF ISSUE AND SHALL BE FOREVER
EXEMPT FROM STATE, COUNTY, AND MUNICIPAL TAXATION. THE
ISSUANCE OF SUCH BONDS SHALL NOT BE SUBJECT TO ANY
LIMITATION OR CONDITIONS CONTAINED IN ANY OTHER LAW, AND
THE COMMISSIONERS SHALL SELL SAID BONDS BY SOLICITATION
FOR COMPETITIVE BIDS AT PUBLIC SALE AFTER THE PUBLICATION
IN A NEWSPAPER OF GENERAL CIRCULATION IN SAID TOWN, AND
SUCH OTHER PUBLICATION AS SAID COMMISSIONERS MAY SPECIFY,
OF THE NOTICE OF SALE IN THE FORM PRESCRIBED BY
RESOLUTION OF SAID COMMISSIONERS BY TWO INSERTIONS
THEREOF OVER A PERIOD OF NOT LESS THAN TEN DAYS NEXT
PRECEDING THE DATE FIXED FOR SUCH SALE.