88 LAWS OF MARYLAND. [CH. 9

other obligations issued against any such special assess-
ments pursuant to the authority granted by Section 637
of Article 16, of the Code of Public Local Laws of Mary-
land 1930 edition, or pursuant to the authority granted by
Section 10 of this Act or pursuant to the authority granted
by Chapter 156 of the Acts of the General Assembly of
Maryland of 1933, upon such terms and for such maturities
and upon such conditions as the Board of County Com-
missioners of Montgomery County may by resolution de-
termine to be for the best interest of the County, provided
that in no event shall the amount of such renewal, exten-
sion, or reissue exceed the original amount of the obliga-
tions so renewed or extended, or reissued, or bear interest
at a rate in excess of six per cent. (6%) per annum.

Whenever any default in the payment of the principal
or interest of any such special assessments or instalments
on special assessments shall occur, whether such defaults
be occasioned by failure to pay or legal proceedings, the
County Commissioners of Montgomery County are hereby
authorized and empowered to issue and sell bonds, notes,
certificates of indebtedness or other obligations in amounts
equal to the aggregate of any such defaults, in such denom-
inations and upon such conditions either at public or
private sale, and at such price or prices as the Board of
County Commissioners of Montgomery County may by res-
olution determine to be for the best interests of the County.
Such bonds, notes, certificates of indebtedness or other ob-
ligations shall bear such rate of interest, not exceeding
six per cent. (6%), and shall be of such maturities not
exceeding eleven years as such Board of County Commis-
sioners may by said resolution determine and the proceeds
of the sale of such bonds, notes, certificates of indebtedness,
or other obligations shall be used solely for the payment of
any maturing obligations payable out of the funds to be col-
lected from such special assessments and which might not
be so payable, owing to default in the payment of principal
and interest due on any such special assessments.

All of such bonds, notes, certificates of indebtedness or
other obligations issued, renewed, reissued or extended
pursuant to the provisions of this section shall be the
direct, valid and binding obligations of the County Com-
missioners of Montgomery County, issued upon its full
faith and credit, and shall be payable in the manner pres-
cribed by Section 10 of this Act for the payment of any
obligations issued against any of such special assessments,
provided, however, that if the funds collected from such
special assessment so levied shall be inadequate to pay any