ALBERT C. RITCHIE, GOVERNOR. 1159

CHAPTER 475.

AN ACT to authorize, empower and direct the Board of County
Commissioners of Montgomery County to borrow upon the
faith and credit of said county, to the amount of five hun-
dred and fifty thousand dollars ($550, 000), and to issue
and sell bonds therefor, the proceeds thereof to be used by
the Board of Education of Montgomery County in purchas-
ing school sites and the erection, equipment, enlargement,
repair or remodeling of school buildings, and to repay with
interest to the town of Takoma, the money advanced by that
town for the construction of the present school building and
to repay with interest the amounts already advanced on the
schools already completed at Sandy Spring and Damascus;
and to provide for the payment of interest on said bonds,
and of the principal thereof, by the levy of taxes.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Board of County Commissioners of Montgom-
ery County be and they are hereby authorized, empowered and
directed to issue serial coupon bonds on the faith and credit of
said county, to the amount of five hundred and fifty thousand
dollars ($550, 000) par value, said bonds to be issued in de-
nominations of one hundred dollars ($100) or any multiple
thereof, to bear interest at a rate not exceeding five per cen-
tum (5%) per annum, payable semi-annually in each year
during which said bonds shall be outstanding and remain un-
paid, to be signed by the President of the Board of County
Commissioners of said county, and by the Treasurer of said
county (provided that the coupons for the interest thereon may
be authenticated by the engraved, lithographed or printed sig-
nature of the President of said Board of County Commission-
ers) to have the corporate seal of said Board of County Com-
missioners of Montgomery County affixed thereto, and to be
exempt from all State, county and municipal taxes. The said
bonds shall have written or printed on them a distinct refer-
ence to the Act authorizing the issue, and shall be designated
as "Montgomery County School Bonds of 1924. "

SEC. 2. And be it further enacted. That the said County
Commissioners of Montgomery County are authorized and di-
rected to issue the said bonds and sell the same at such times
and in such amounts as they may be called upon so to do by
the Board of Education of said county until the whole amount
of five hundred and fifty thousand dollars ($550, 000) shall