2022 LAWS OF MARYLAND. [CH. 835

authorized to be issued by this Act and the limitations and
conditions applicable thereto are as follows:

Before borrowing any money or incurring any indebted-
ness pursuant to the authority of this Act or issuing any of
the bonds herein authorized, the Board of County Commis-
sioners of Montgomery County shall adopt a resolution
describing the project or purposes set forth in this Act for
which said borrowing or indebtedness is intended, the amount
needed to finance said project or accomplish said purpose and
determining to borrow money or incur indebtedness for all
or a part of the amount so needed and to issue its bonds to
evidence such borrowing or indebtedness. No referendum of
or approval by the qualified voters of the County of any such
project or purpose, or of borrowing of money or incurring in-
debtedness therefor, or of the issuance of said bonds, shall
be required as a condition precedent to the adoption of such
resolution or the issuance of any such bonds, but nothing
in this Act shall be construed to bar the County Commission-
ers of Montgomery County from submitting any proposed
issuance of bonds to a referendum by the qualified voters
should the Commissioners so elect, and the authority hereby
granted is specifically exempted from the provisions of Section
224 of Article 16 of the Code of Public Local Laws of Mary-
land (1939 Edition). The Board of County Commissioners
of Montgomery County 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 of interest payable thereon, which may vary in different
issues, or the method of arriving at the same, the date or
dates upon which said bonds shall mature and be payable,
provided they shall be serial maturities not exceeding thirty
years from their date, the method and manner of sale thereof,
and generally all matters incident or necessary to the issu-
ance, sale and delivery and payment thereof. The bonds of
each issue hereby authorized shall be dated, shall bear interest
at such rate or rates not exceeding four per centum (4%) per
annum, payable semi-annually, shall mature serially at such
time or times, not exceeding thirty years from their date, as
may be determined by said resolution of the Board of County
Commissioners of Montgomery County. 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 their execution, and shall fix the denomina-
tion or denominations and the place or places of payment of
the principal and the interest thereon, which may be at any
bank or trust company within or without the State of Mary-
land. In case any officer whose signature shall appear on any