ALBERT C. RITCHIE, GOVERNOR. 271

funding bonds by a levy of taxes, and to validate and
confirm all such outstanding bonds maturing before
June 30, 1935.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of County Commissioners of
Montgomery County is hereby authorized and empowered
to issue at one time, or from time to time, bonds of said
County, upon the faith and credit of said County, in the
following amounts and for the following purposes:

(a) Not exceeding $289, 000. 00 bonds for the purpose
of refunding a like amount of bonds of the County now
outstanding and maturing before June 30, 1935;

(b) Not exceeding $100, 000. 00 bonds for the purpose
of re-imbursing to the funds of the County the amounts of
deficiencies therein arising from tax abatements and in-
solvencies.

SEC. 2. That said Board shall have full authority by
resolution to carry out all the powers conferred by this
Act, and any such resolution shall be in force and effect
from and after the date of its passage. The said Board
shall by resolution declare the rate of interest to be paid
on either of the above issues, not exceeding 6% per annum,
the maturity of said bonds, which shall not exceed thirty
years from the date thereof, the form of said bonds, the
officers by whom they shall be executed, and the medium of
payment and the place or places in Maryland or elsewhere
at which they shall be payable. 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, as if such officers had remained in office
until delivery. Such bonds may be made registerable as to
principal or principal and interest and may be made re-
deemable 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. That said Board may sell any or all of said
bonds in such manner as it may determine; provided, how-
ever, that any or all bonds authorized by the Board for the
purpose specified in said clause (a) may be exchanged at
any time for not less than an equal face amount of bonds
to be retired thereby, including bonds not matured or re-
deemable, if the holders thereof be willing to surrender the
same for retirement.