752 LAWS OF MARYLAND. [CH. 244

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of County Commissioners of Car-
roll County, in order to provide the funds necessary for the
construction and permanent improvement of the public roads
in said county, whenever and wherever the said County Com-
missioners shall have determined, or shall hereafter determine
that such construction or improvement is necessary, are hereby
authorized and empowered to borrow money on the faith and

credit of said county, and to issue and sell coupon bonds there-
for, in an amount not to exceed Two Hundred Thousand Dol-
lars ($200, 000. 00), in denominations of One Hundred Dollars
($100) or any multiple thereof, to bear interest at the rate of
not exceeding five per centum (5%) per annum, payable semi-
annually on the first day of January and the first day of July
in each and every year until the same shall be paid, coupons
to be attached to said bonds for each of said semi-annual inter-
est payments, to be signed by the President of said Board of
County Commissioners, the said signature to be either printed
or written thereon, and the said bonds also to be signed by the
said President and by the Treasurer of Carroll County and to
have the corporate seal of said Carroll County affixed thereto,
and said loan and every part thereof and the interest payable
thereon shall be and remain exempt from all state, county and
municipal taxes.

SEC. 2. And be it further enacted, That the said bonds shall
bear date of issue and shall be listed and sold in series, be-
ginning with Series A, and subsequent series shall each be
initialed with the following consecutive letters of the alphabet,
and the bonds of each series shall be numbered consecutively

beginning with the number One (1); and the said Board of
County Commissioners shall from time to time issue, offer for
sale and sell, in the manner hereinafter provided, a series of
said bonds for such an amount as may be necessary at such
time or times for the construction or permanent improvement
by said Board of County Commissioners of public roads in said
county designated for construction or improvement by the said
Board of County Commissioners; and each of said series of
bonds shall be issued and sold as of the first day of July or the
first day of January in any year; and said bonds shall bear
attached thereto coupons as hereinbefore provided for the said
semi-annual payments of interest accruing after the date of the
selling of said bonds; and each of said series of bonds shall
mature and be redeemable within a period not exceeding