370 LAWS OF MARYLAND. [CH. 156

interest thereon by a general tax levy upon all the tax-
able property within the limits of said County.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That for the purposes hereinafter specified and
recited, the County Commissioners of Montgomery County
is hereby authorized and empowered to borrow upon the
faith and credit of said County, from time to time, a sum
not to exceed one hundred and eighty thousand dollars
($180, 000. 00), and to issue and sell, from time to time,
coupon bonds therefor in the amount thereof to evidence
such borrowing, said bonds to bear such rate or rates of
interest not exceeding six per cent (6%) per annum, pay-
able semi-annually, as may be determined by the County
Commissioners of Montgomery County. Said bonds may
be issued by the County Commissioners of Montgomery
County, from time to time, to bear the same date of issue
or different dates of issue, and when said bonds are issued
each of them shall be signed by the President of the County
Commissioners of Montgomery County and shall be coun-
tersigned by the Clerk to the County Commissioners of
Montgomery County; the seal of the County Commis-
sioners of Montgomery County shall be affixed to each bond
and the interest coupons attached thereto shall bear the
facsimile signature of the President of the Board of
County Commissioners of Montgomery County, printed,
lithographed or engraved thereon. Said bonds shall be
known as "Public School Improvement Bonds of 1936, "
and they shall be issued to mature serially in the order of
their consecutive numbers, in such annual serial amounts
and over such period of years as the Board of County Com-
missioners of Montgomery County may by resolution de-
termine. Said bonds and the interest thereon shall be and
remain exempt from State, County and Municipal taxa-
tion of every kind whatsoever in the State of Maryland.

SEC. 2. And be it further enacted by the General As-
sembly of Maryland, That said bonds shall be in such form
and denominations and be sold, either at public or private
sale, at not less than the par value thereof, as the Board
of County Commissioners of Montgomery County may by
resolution determine. Prior to the issuance of any of said
bonds, the Board of County Commissioners of Montgom-
ery County shall adopt a resolution, prescribing the form
and denominations of said bonds and the other details in-
cident thereto, and determining whether or not the same
shall be sold at public or private sale. In the event the
Board of County Commissioners of Montgomery County