ALBERT C. RITCHIE, GOVERNOR. 95

fore issued, provided, however, that all such renewal notes
shall mature within the time hereinafter limited for the
ultimate maturity of the notes, in renewal of which said
renewal notes are issued, except as hereinafter provided.
Such notes shall mature not later than ninety days after
the expiration of the fiscal year in which the same are
issued, and shall not thereafter be renewable or payable
by the issue of renewal notes, except that any such renewal
notes, authorized by this Act and issued within three
months prior to the expiration of any one fiscal year, for
the purpose of providing for the payment of notes author-
ized by this Act and issued during said fiscal year, may ma-
ture at any time during the fiscal year next succeeding the
fiscal year in which said original notes were issued. Before
the passage of any resolution authorizing the issuance of
said notes the Clerk of the Board of County Commissioners
shall submit to said Board a statement showing:

(a) The amount of uncollected taxes for the current fiscal
year, if theretofore levied, but otherwise the amount of the
tax levy for the preceding fiscal year, regardless of what
part thereof shall have been collected;

(b) The estimated amount of uncollected revenue for
the current fiscal year, excepting taxes;

(c) The face value of all notes, issued pursuant to the
authority contained in this Section 1 of this Act during
the current fiscal year and which by their terms are pay-
able within one year and three months from the date of
their respective issuances, as herein provided.

The substance of such statement by the Clerk shall be re-
cited in said resolution and it shall be further recited that
the face value of the notes so authorized by said resolution,
together with the amount of Item (c) above, do not exceed
in the aggregate seventy-five per centum (75%) of the
total of Items (a) and (b) above, and no funds shall be
borrowed in anticipation of taxes and no notes issued there-
for by the County Commissioners of Montgomery County
if the face value of such notes, together with the amount of
Item (c) above shall exceed seventy-five per centum (75%)
of the total of Items (a) and (b) above.

Such notes and renewal notes may be sold by the County
Commissioners of Montgomery County at such time or
times, at public or private sale, and in such form and upon
such terms as the Board of County Commissioners may
determine to be for the best interest of the County, pro-
vided, however, that all of the limitations hereinbefore or