ALBERT C. RITCHIE, GOVERNOR. 859

for that purpose, so as to place said County upon a cash basis
as to future obligations, and to provide for the levying of
taxes to pay the interest on said bonds and the principal
thereof, as they mature, and declaring this Act an emergency
law.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That in order to provide funds for paying the indebt-
edness (other than the bonded indebtedness) of Howard Coun-
ty, and the floating debt thereof, as well as the current expenses
of said County until the taxes to be levied in the year 1927,
are available for that purpose, the County Commissioners of
Howard County are hereby authorized, empowered and di-
rected to borrow money on the faith and credit of said County,
and to issue and sell coupon bonds therefor, to an amount
not to exceed Two Hundred Thousand Dollars ($200, 000. 00),
said bonds to be issued in denominations of One Hundred Dol-
lars ($100. 00), or any multiple thereof, to bear interest at
such rate as the County Commissioners of Howard County may
determine, not exceeding four and one-half per centum (4 1/2%)
per annum, said interest to be payable semi-annually on the
first days of January and July in each year during which
said bonds shall be outstanding and remain unpaid, to be signed
by the President of the County Commissioners of Howard
'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 signature of the Presi-
dent of said County Commissioners), to have the corporate
seal of said County Commissioners of Howard 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 reference to the act authorizing the issue and shall
be designated as "Howard County Funding Bonds of 1927. "

SEC. 2. And be it further enacted, that said bonds shall be
dated July 1st, 1927, and shall be issued according to what
is known as the Serial Annuity Plan, and the Series shall be
lettered, beginning with the letter A and so on down the
alphabet, until the said amount of Two Hundred Thousand
Dollars ($200, 000. 00) shall be issued, so that the entire princi-
pal shall be redeemable as follows:

Series Amount Redeemable

A .................. $ 3, 000. 00 July 1st, 1928

B .................. 3, 000. 00 July 1st, 1929

C .................. 4, 000. 00 July 1st, 1930

D .................. 4, 000. 00 July 1st, 1931