MONTGOMERY COUNTY. 3319

County Commissioners to borrow from time to time on the credit of said
Section 4 a sum or sums of money which shall not in the aggregate at
any time exceed the following limitations respectively:

(1) For road and street impovements authorized under Section
4 hereof not to exceed 5 per cent, of the assessed valuation of all
property in said Chevy Chase Section 4;

(2) For other improvements including fire protection and equip-
ment not to exceed 2 per cent, of said assessed valuation, this limita-
tion to be exclusive of the aforesaid limitation for road and street
improvements;

and the Citizens' Committee of Chevy Chase Section 4, Maryland, is au-
thorized and empowered with the approval of the Board of County Com-
missioners to issue bonds, notes or certificates of indebtedness for such
improvements in the manner and subject to the conditions hereinafter
provided; and for these purposes said Section 4, Chevy Chase, Maryland,
shall be and is hereby constituted a corporation, and the said Citizens'
Committee of said Section 4 are empowered to act for said corporation
without in any way being held individually or personally liable in connec-
tion therewith.

(b) Such bonds, notes or certificates of indebtedness shall be payable
(1) in the case of road and street improvements within not more than five
years after the date of issuance and (2) iu the case of the other improve-
ments specified within not more than ten years af tea the date of issuance,
shall bear interest not to exceed the rate of 6 per cent, per annum payable
annually or semi-annually, shall be in such form as may be prescribed by
said Citizens' Committee of Chevy Chase Section 4 with the approval of
said Board of County Commissioners, shall be signed by the Chairman
and Treasurer of said Committee and shall be free from all state, county
and local taxation. Such bonds or other obligations shall be sold or nego-
tiated by said Citizens' Committee with the approval of said Board of
County Commissioners for the best price obtainable either at public or
private sale but shall not be sold or negotiated for less than their par
value with accrued interest and the proceeds thereof shall be paid over to
the Treasurer of said Section 4 who is charged with the custody of any
moneys received from the issue or sale of such bonds, notes or certificates
of indebtedness and with the receipt and safekeeping of the moneys arising
from assessments for road and street improvements as provided in Section
113 hereof, which said funds shall be kept as a separate account and fund
and shall be used to pay for the cost of the improvements for which they
were respectively collected or to liquidate the bonds, notes or certificates
of indebtedness issued therefor, as shall be directed by said Citizens' Com-
mittee of Section 4. Such bonds, notes or certificates when paid, shall be
cancelled and properly kept and filed as a part of the records of said
Section 4.

(c) Before the Citizens' Committee of Section 4 shall borrow any money
or issue any bonds, notes or certificates of indebtedness for any of the
purposes herein authorized, it shall call a special meeting of the resident