414 LAWS OF MARYLAND. [CH. 273

71. $175,000.00 Montgomery County Certificates of Indebt-
edness, dated June 15, 1946, issued under authority of Chapter
12, Acts of 1933, Special Session, maturing June 15, 1947.

72. $250,000.00 Montgomery County Certificates of Indebt-
edness, dated July 5, 1946, issued under authority of Chapter
689 of the Acts of 1943, maturing July 5, 1947.

The authority granted in this section is intended to give
the County Commissioners of Montgomery County full and
complete authority to issue refunding bonds at any time, and
from time to time, for all or any part of the bonds and cer-
tificates of indebtedness above listed, and failure to refund
any of said bonds or certificates shall not be held to prevent
the Commissioners from later refunding any of the other
bonds or certificates referred to in this section. The authority
to issue refunding bonds to refund the bonds and certificates
above listed shall also apply to extensions, reissues and re-
newals of the said bonds and certificates, provided such ex-
tensions, reissues and renewals do not mature at a date later
than June 30, 1949, it being the intention of this provision to
permit the County Commissioners of Montgomery County to
make temporary provision for such maturities at times when
it may not be convenient or advisable to issue the serial bonds
authorized by this Act.

SEC. 2. And be it further enacted, That the Board of County
Commissioners of Montgomery County shall have full au-
thority by resolution to carry out all of the powers conferred
by this Act and any such resolution shall be in force and
effect from and after its passage. Said Board may by resolu-
tion determine the rate or rates of interest to be paid on the
bonds not exceeding four per cent (4%) per annum, payable
semi-annually, which rate or rates may vary in any issue or
issues of bonds hereunder, and the maturity or maturities of
the bonds shall be at a time or times not exceeding twenty-
five (25) years from the date of the bonds and the Board shall
likewise determine the form of the bonds, the officials by whom
they shall be executed and the medium of payment and the
place or places in Maryland or in any other State at which
the principal and interest shall be payable. In case any of
the officers whose signatures appear on the bonds and coupons
shall cease to be such officers before the delivery of such bonds
such signatures shall nevertheless be valid and sufficient for
all purposes to the same extent as if the officers had remained
in office until delivery. The bonds may be made registerable
as to principal alone or as to both principal and interest upon
such terms and conditions as may be determined by the Board.
The bonds may be made redeemable before maturity at the