1222 LAWS OF MARYLAND. [CH. 486
CHAPTER 486.

AN ACT to authorize and empower the Board of County Com-
missioners of Kent County to borrow upon the faith and
credit of said County to the amount of Nine Hundred Thou-
sand Dollars ($900, 000), and to issue and sell bonds therefor,
the proceeds thereof to be used by the State Roads Commis-
sion of Maryland for the construction and improvement of
roads and bridges in said County; to provide for the redemp-
tion of said bonds out of any road and bridge construction
and reconstruction funds allocated to or set aside for use in
Kent County by the State Roads, Commission; and to provide
that said loan shall not be made by the County Commissioners
unless it has been approved by a majority of the votes cast
by the qualified voters of Kent County in a special election.

WHEREAS, The County Commissioners of Kent County and
the State Roads Commission of Maryland have entered into
an agreement under which, in the event that the County Com-
missioners of Kent County borrow the sum of Nine Hundred
Thousand Dollars ($900, 000), the State Roads Commission will
expend said sum in Kent County for the construction and im-
provement of roads and bridges; and

WHEREAS, It is also agreed that, if said loan is made, and
bonds are issued therefor, the bonds will be paid, on their
respective maturity dates, with road and bridge construction
and reconstruction funds allocated to or set aside for use in
Kent County by the State Roads Commission.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Board of County Commissioners of Kent County,
be and they are hereby authorized and empowered to issue
serial coupon bonds on the faith and credit of said county, to
the amount of Nine Hundred Thousand Dollars ($900, 000) par
value, said bonds to be issued in denominations of One Hundred
Dollars ($100) or any multiple thereof, to bear interest at the
rate not exceeding five per centum (5%) per annum, payable
semi-annually, in each year during which said bonds shall be
outstanding and remain unpaid, to be signed by the President
of the Board of County Commissioners of said County, and
countersigned by the Clerk thereof (provided that the coupons
for the interest thereon may be authenticated by the engraved,
lithographed or printed signature of the President of said Board
of County Commissioners), to have the corporate seal of said
Board of County Commissioners of Kent County affixed thereto,
and to be exempt from all State, County and municipal taxes.