ALBERT C. RITCHIE, GOVERNOR. 403
CHAPTER 230.

AN ACT to validate and confirm the issuance of $60, 000
certificates of indebtedness dated December 10, 1932, by
the Board of County Commissioners of Montgomery
County and to authorize said Board to renew such certi-
ficates or to re-issue or refund the same and to provide
for the payment thereof; and to approve the transfer of
the sum of $50, 000, part of the proceeds of the sale of
the Road Bonds of 1929.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the issuance of $60, 000 certificates of in-
debtedness of Montgomery County in three certificates of
$20, 000 each, all dated December 10, 1932, be and the same
are hereby validated and confirmed and declared to be legal
and subsisting obligations of said County.

SEC. 2. That in order to provide funds for meeting the
maturity of said $60, 000 certificates of indebtedness the
said Board of County Commissioners is hereby authorized
and empowered to issue new negotiable certificates of in-
debtedness, designated as "Certificates of Indebtedness,
Series of 1931, " and maturing not later than October 1,
1936. All money received from the redemption or sale of
property sold for taxes in the year11931 shall be kept in a
separate fund and applied to the payment of principal and
interest of certificates issued in anticipation of the receipt
of monies from the redemption and from the sale of prop-
erty sold for taxes and/or special assessments for the levy
year 1931, including the $60, 000 certificates validated by
this Act, or any renewal, re-issue and refunding thereof
and the balance necessary to pay any outstanding certifi-
cates and the interest thereon shall be levied in the annual
tax levy in the year 1936. Any balance of said fund after
the payment of said certificates of indebtedness shall be
paid into the general fund of the County.

SEC. 3. That the action of the Board of County Com-
missioners of said County by resolution adopted on May
26, 1932, in directing the transfer of the proceeds of sale
of $50, 000 of the Road Bonds of 1929 to the 1932 levy for
the use of6 incorporated towns and special taxing areas
and for Commissioners Districts *Road Funds, be and the
same is hereby ratified and confirmed. ', "

SEC. 4. And be it further enacted, That this Act is de-
clared to be an emergency law and necessary for the imme-