HARRY W. NICE, GOVERNOR. 695

CHAPTER 355.

AN ACT to add seven new Sections to Article 89B of the 1935
Supplement to the Annotated Code of Maryland (1924 Edi-
tion), title "State Roads", such new sections to constitute a
new sub-title "Refunding Bonds" and to be known as Sec-
tions 123 to 129, inclusive, authorizing and empowering the
State Roads Commission of Maryland to issue refunding
bonds of the Commission for the purpose of refunding out-
standing bonds of the Commission issued pursuant, to the
provisions of Sections 70 to 75, inclusive, of said Article 89B
as said sections were enacted by Chapter 463 of the Acts of
1933 and amended by Chapter 93 of the Acts of 1933 Extra-
ordinary Session, and issued pursuant to the provisions of
Sections 78 to 83, inclusive, of said Article 89B as said sec-
tions were enacted by Chapter 563 of the Acts of 1935, to pro-
vide for the payment of such refunding bonds and the interest
thereon from any monies duly appropriated for that purpose;
to dedicate certain revenues derived from franchise taxes,
license fees and gasoline taxes for the payment of such re-
funding bonds and the interest thereon; to provide that tolls
charged and collected for the use of any bridge or bridges
now erected or to be erected on the State Roads System or on
any main route or road in the State of Maryland or over
any body of water forming a boundary line of the State
shall not be pledged or applied to the payment of such re-
funding bonds or the interest thereon; to provide that such
refunding bonds and the interest thereon shall be exempt
from assessment and from State, County and Municipal tax-
ation in this State; to provide that such refunding bonds
shall not be deemed obligations or debts contracted by the
General Assembly of Maryland or pledges of the faith or
credit of the State of Maryland; and to provide that this
Act shall be passed as an emergency measure,

WHEREAS, The State Roads Commission of Maryland has
outstanding bonds in the aggregate amount of $5, 516, 000, each
of which bonds may be called for redemption on any interest
payment date, and the average rate of interest on said bonds
is in excess of 3. 4% per annum, and it is for the best interests
of the State to take advantage of the present favorable market
conditions by calling for redemption all of said bonds and by
issuing refunding bonds of the Commission to refund said
outstanding bonds, such refunding bonds to bear interest at a
lower rate or rates than the average rate of the bonds to be re-
funded, thereby effecting great savings in interest; Now, there-
fore,

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That seven new sections be and the same are hereby