WM. PRESTON LANE, JR., GOVERNOR. 415

option of the Board at such price and under such terms and
conditions as may be fixed by the Board prior to the issuance
of the bonds.

SEC. 3. And be it further enacted, That the bonds author-
ized by this Act are specifically exempted from the provisions
of Section 224 of the Code of Public Local Laws of Mont-
gomery County and also from the provisions of Sections 34,
35 and 36 of Article 31 of the Code of Public General Laws of
Maryland, 1939 Edition. The said Board of County Commis-
sioners may sell any or all of said bonds in such manner as
it may determine; provided, however, that no sale thereof shall
be made for less than par and accrued interest.

SEC. 4. And be it further enacted, That the proceeds derived
from the sale of any such bonds, including any premium and
accrued interest received, shall be used first for paying the
cost of engraving or printing the bonds and all other costs
and expenses connected with the issuance and delivery of said
bonds. The remaining proceeds shall then be applied to the
payment of the refunded bonds and certificates of indebted-
ness as they severally mature. Should there be any amount
remaining unexpendable for the above purposes such remain-
ing amount shall be used for the payment of the first maturing
bonds and interest coupons on the bonds authorized by this
Act.

SEC. 5. And be it further enacted, That the bonds author-
ized by this Act, when and if issued, and the interest coupons
thereon and the income derived therefrom in the hands of
holders thereof from time to time shall be and are hereby de-
clared to be exempt from State, County and Municipal taxa-
tion of every kind and nature whatever in the State of
Maryland.

SEC. 6. And be it further enacted, That the bonds and cer-
tificates of indebtedness listed in Section 1 of this Act are
hereby validated and legalized and declared to be valid obli-
gations of Montgomery County.

SEC. 7. And be it further enacted, That in each and every
year while any of the bonds authorized by this Act shall be
outstanding, there shall be levied upon all of the property
subject to general taxation in Montgomery County, an un-
limited ad valorem tax sufficient to pay the principal and
interest on said bonds as the same shall fall due, which tax
shall be in addition to all other taxes authorized or limited
by law.