94 LAWS OF MARYLAND. [CH. 12

CHAPTER 12.

AN ACT to authorize the County Commissioners of Mont-
gomery County to borrow annually within certain limi-
tations sums of money to supplement temporarily the
collection or appropriation of current revenues; (a) to
borrow upon the faith and credit of said county sums in
anticipation of the collection of taxes and to issue and
sell negotiable notes and negotiable renewal notes there-
for, for the purpose of providing funds for the payment
of current obligations for which taxes or other revenues
are levied or provided for but not collected; (b) to bor-
row upon the faith and credit of said county a sum or
sums, from time to time, not exceeding three hundred
thousand dollars ($300, 000. 00) in any one fiscal year and
to issue and sell negotiable notes and negotiable renewal
notes therefor, to be known as "Montgomery County
Certificates of Indebtedness", for the purpose of
providing funds for the payment of the current obli-
gations of Montgomery County in any one fiscal year for
which no appropriation or an insufficient appropriation
may have been made by the Board of County Commis-
sioners of Montgomery County; and to provide for the
payment of said notes and the interest thereon by a gen-
eral tax levy upon all the assessable property within the
limits of Montgomery County.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Montgomery
County be and it is hereby authorized and empowered to
borrow upon its faith and credit such sum or sums at any
time, or from time to time, as the Board of County Com-
missioners of Montgomery County may in their discretion
determine (subject to the limitations hereinafter set forth)
to be necessary to provide funds for the payment of the
current obligations of said County Commissioners of Mont-
gomery County, in anticipation of the collection of taxes or
other current revenues, and to issue and sell notes therefor.
Said Board of County Commissioners is authorized and
empowered to provide by resolution for the issuance of said
notes to bear interest at a rate not exceeding six per centum
(6%) per annum, payable at the time of the issuance of
said notes or thereafter, and said Board is further author-
ized and empowered to provide by resolution for the issu-
ance of renewal notes with like limitations as to interest,
when said Board shall deem it necessary to so provide for
the payment of any such notes or renewal notes thereto-