3516 ARTICLE 16.

To carry out the provisions of this section the said Board of County
Commissioners of Montgomery County is hereby given power and author-
ity (in addition to such power and authority to borrow money, as is con-
ferred upon said Board elsewhere in this Act) to borrow such additional
sums from time to time upon the faith and credit of said county as may
be needed for the purposes set forth in this section and to issue nego-
tiable certificates as evidence of such indebtedness. Such certificates of
indebtedness shall be in registered or coupon form, shall be issued in
denominations of One Hundred Dollars ($100.00) or any multiple there-
of, shall bear interest at a rate not exceeding six per centum (6%) per
annum, payable semi-annually, and shall mature in not exceeding five
(5) years from the date of issue, or may be retired serially, as said Board
shall determine, and shall be exempt from all State, county and municipal
taxes. Said certificates shall be designated as "Montgomery County Sub-
urban District Certificates of Indebtedness" and shall be sold from time
to time by said Board in such manner as it shall determine, provided
that the same shall not be sold at less than par and accrued interest. All
sums so borrowed shall be kept in a separate account to be known as "The
Street Improvement Account." The sums arising from the special assess-
ments provided for in this section shall constitute the primary fund for
the payment of the interest on and the retirement of said certificates of
indebtedness and shall be applied in the manner hereinafter provided.
The payment of interest on and the retirement of said certificates of in-
debtedness shall be provided for in the following manner: At least thirty
(30) days before the regular-annual levy date the said County Commis-
sioners in each year shall estimate the amount necessary to pay the interest
on all outstanding certificates for the ensuing year plus such amount as
may be necessary to retire all such certificates maturing during the year
for which the taxes are levied, or to provide a sinking fund sufficient to
retire all such certificates as they mature, and shall levy annually against
all the assessable property within the said Montgomery County Suburban
District such sum or sums as may be necessary to raise such amount (less
the sums then in hand and to be received in each year from the said special
assessments provided for in this section, which said sums shall, as afore-
said, be applied to and shall constitute the primary fund for the payment
of the interest on and the retirement of said certificates of indebtedness);
provided, that in the event such sums so levied on the assessable prop-
erty within the said Montgomery County Suburban District shall not be
sufficient for the purposes aforesaid, then the said County Commission-
ers shall levy annually against all taxable property in Montgomery County
a sufficient sum to make up the deficiency.

1927, ch. 692, sec. 9.

638. The County Commissioner resident in the County Commission-
er's District in which any public improvement authorized in the preceding
section is contemplated, is hereby authorized and directed to conduct on
behalf of the Board of County Commissioners, the hearings specified in