494 LAWS OF MARYLAND. [CH. 309

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That in order to enable the said The Commissioners
of Cambridge to take advantage of the Federal and State
allocation of funds for the building of a public airport in
furtherance of the intent of the National Government, as
expressed in an Act of Congress of the United States, en-
titled "Federal Airport Act", which was approved May 13,
1946; and in order to serve the best interest of the City of
Cambridge in the matter of national defense, air commerce,
private flying and the advancement of the Science of Aero-
nautics; and in order to provide the necessary funds to clear
Cambridge Harbor as required by the War Department in
the pending deepening project, the said The Commissioners
of Cambridge is authorized and empowered to borrow a sum
of money not exceeding Twenty Thousand Dollars ($20,000.00)
and to evidence said borrowing by the issuance to the lender
of its general obligation coupon bonds or its promissory
note.

SEC. 2. And be it further enacted, That if the said The
Commissioners of Cambridge shall so elect, they may borrow
the money required by this project up to the limit herein-
before set forth from any bank, banker, trust company or
individual and evidence the said borrowing simply by execut-
ing an ordinary promissory note in lieu of, and without the
unnecessary expense of selling their bonds to an investment
banker in the customary manner for large issues; in which
event said sums so borrowed must be amortized and paid off
over a period not exceeding five (5) years from ad valorem
taxes levied upon all assesable property in the City of Cam-
bridge aforesaid. In case any officer whose signature shall
appear on one or more promissory notes issued as aforesaid
shall cease to be such officer before delivery of said note or
notes, such signature, nevertheless, shall be valid and suffi-
cient for all purposes the same as if he had remained in
office until delivery. The Commissioners of Cambridge shall
negotiate said loan or loans to the best possible advantage
of the City but no money shall be borrowed for this purpose
which shall require the payment of interest in excess of
Four per cent (4%) per annum. Said note, notes or bonds
shall not be subject to the provisions of Section 36 of Article
31, Code of Public General Laws of Maryland (1939 Edition).

SEC. 3. And be it further enacted, That the note, notes
or bonds hereby authorized to be issued and the interest paid
thereon; in the hands of the person, firm or corporation titled
thereto shall be and remain exempt from all State, County
and municipal taxation of any kind and nature whatsoever
in the State of Maryland.