104 LAWS OF MARYLAND [CH. 52

the same terms and conditions as prescribed for such
special election by this Act.

SEC. 3. And be it further enacted, That in the event
either of the referenda above provided for shall be favor-
able to the exercise of the authority hereby conferred, the
City may proceed by resolution to authorize the borrowing
of so much money as may be needed for the purposes
hereinabove described within the limitations fixed hereby,
and the issuance of bonds to evidence said borrowing. The
City shall proceed by resolution which shall determine the
form and denominations of said bonds and the coupons to
be attached thereto, the rate of interest to be paid thereon,
or the method of determining the same, the officials who
shall execute said bonds, and the manner and place of
delivery thereof to the purchasers. The interest payable
on said bonds shall in no event exceed four per centum
(4%) per annum and shall be payable semi-annually, and
the principal and interest of said bonds may, by said
resolution, be made payable in any lawful medium, and
the City may, in said resolution fix the place or places of
such payment, which may be at any bank or trust company
within or without the State of Maryland. 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, said 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
in said resolution for the registration of any of said bonds
in the name or names 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.

Said bonds shall be dated May 1, 1953, and they shall be
issued to mature in the order of their consecutive numbers
in varying annual serial installments over a period of eight
(8) years, Ten Thousand Dollars ($10, 000. 00) aggregate
par amount of bonds to mature and be payable on May 1
in each of the years 1958 to 1964, both inclusive, and the
remaining Five Thousand Dollars ($5, 000. 00) aggregate
par amount of said bonds to mature and be payable on
May 1, 1965.

The borrowing hereby authorized shall be effected by
offering said bonds for sale at public sale to the highest
bidder or bidders therefor and said public sale shall be
held in accordance with the provisions of Section 33 of
Article 31 of the Code of Public General Laws of Maryland