490 LAWS OF MARYLAND. [CH. 257

the bonds not exceeding 6% per annum, payable semi-annually,
and the maturity or maturities of the bonds, which shall be
at a time or times not exceeding thirty years from the date of
the bonds, and shall likewise determine the form of the bonds,
the officers 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 pay-
able. 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, the same as if they had re-
mained in office until such delivery. The bonds may be made
registerable as to principal alone and as to both principal and
interest, under such terms and conditions as may be deter-
mined by said Board. The bonds may be made redeemable
before maturity, at the 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 said Board may sell
any or all of said bonds in such manner as it may deter-
mine; provided, however, that no sale thereof shall be made for
less than par and accrued interest nor more than six months
preceding the maturity of the bonds to be refunded thereby,
unless such bonds shall then be on deposit with a bank or trust
company in Maryland or in the District of Columbia or in the
City of New York for surrender to the County upon receipt
therefor of a sum not exceeding the amount of such bonds.

BBC. 4. And be it further enacted, That the proceeds de-
rived from the sale of any such bonds shall be used exclusively
for the purposes for which such bonds shall be authorized
and for paying the cost of engraving or printing the bonds
and all other incidental costs and expenses connected with the
issuance of said bonds.

SEC. 5. And T)e it farther enacted, That all bonds issued un-
der the authority of this Act shall be exempt from taxation
by the State of Maryland and by the counties and municipali-
ties of said State.

SEC. 6. And be it further enacted, That in each year while
any of such bonds shall be outstanding, there shall be levied
upon all taxable property in Montgomery County an ad
valorem tax sufficient to pay the principal and interest of said
bonds as the same shall fall due, which tax shall be in addi-
tion to all other taxes authorized or limited by law.

SEC. 7. And 6e it farther enacted, That all of the above
described bonds of Montgomery County now outstanding are