ALBERT C. RITCHIE, GOVERNOR. 1037

Montgomery County, Maryland, has been authorized by
an Act of the General Assembly of Maryland and it is the
purpose and intent of the Board of County Commissioners
of said county to issue and sell said bonds as indicated by
a resolution of said board, the board may borrow money
for the purpose for which the bonds are authorized to be
issued, in anticipation of the receipt of the proceeds of the
sale of the bonds and within the maximum authorized
amount of the bond issue, the board may retire all or any
part of such loans through current revenues or other funds,
in which event the bond issue, when and if the same are
sold, shall be reduced by the amount of such loans retired.
Negotiable notes or certificates of indebtedness shall be
issued for all such loans and the board shall by resolution
provide for the form and maturity, not exceeding five years,
the execution and the rate of interest thereon, not exceed-
ing 6% per annum, and may sell the same, with or without
advertisement, in any manner they deem to be best interest
of the county, and shall have the right to reissue or renew
the same provided all of said notes or certificates of in-
debtedness shall mature within the time herein provided.

SEC. 2. The Board of County Commissioners of Mont-
gomery County may for the purpose of meeting its current
obligations and providing for the payment of other items
in its budget anticipate the payment of county taxes by the
issuance and sale of notes or certificates of indebtedness
provided at no time shall said notes exceed 75% of the
amount expected to be derived from the payment of taxes
levied by the board for the current year not specifically
pledged by law. The board shall by resolution fix the
amount, maturity, form, manner of execution and interest
rate, not exceeding 6% per annum, except that no note
shall be issued to mature more than 90 days after the ex-
piration of the current fiscal year in which they are issued
provided that any note or notes issued within three months
of the end of such fiscal year may be made to mature at any
time in the ensuing fiscal year. Said board shall sell said
notes with or without advertisement in the manner they
may determine for the best interest of the county and shall
have the right to re-issue or renew the same provided all
of said notes shall mature within the time herein provided.

SEC. 3. All of said notes issued under the provision of
this Act shall be the direct and general obligations of Mont-
gomery County and as to all of them in the event sufficient
funds are not received from the anticipated sources the