96 LAWS OP MARYLAND. [CH. 12

hereinafter set forth shall be complied with, and, provided
further, that such notes or renewal notes shall not be sold
at less than par value, except upon a vote of a majority of
the members of the Board of County Commissioners, and,
provided further, that all such notes or renewal notes shall
recite upon their face that they are issued pursuant to the
authority and in compliance with all of the conditions and
limitations contained in this Act. The proceeds of the sale
of renewal notes shall be applied solely to the payment of
the notes for the retirement of which said renewal notes are
issued.

Said notes and renewal notes shall be and remain the ob-
ligations of Montgomery County issued upon its full faith
and credit and the entire property subject to taxation in
said county shall be liable for the payment thereof and said
County Commissioners of Montgomery County shall levy
a tax upon all property subject to assessment by it suffi-
cient to provide funds for the payment of the principal and
interest of said notes or renewal notes as they respectively
mature in each and every year that such notes or renewal
notes are outstanding; provided, however, that the amount
of the tax so levied may be reduced in any one year by the
amount of collected or uncollected tax revenue, which said
Board of County Commissioners shall appropriate for the
purpose of paying such notes as they respectively mature,
and the interest thereon.

SEC. 2. And be it further enacted, That the County
Commissioners of Montgomery County be and it is hereby
authorized and empowered from time to time to borrow
money upon the faith and credit of said county and to issue
and sell negotiable notes therefor in an amount not to
exceed Three Hundred Thousand Dollars ($300, 000. 00) in
any one fiscal year and to be known as "Montgomery
County Certificates of Indebtedness. " Such notes shall
be in such denominations and shall bear such rate
of interest, not exceeding six per centum (6%) per
annum, payable at the time of the issuance of such
notes or thereafter, as may be determined by the
said Board of County Commissioners of Montgomery
, County to be for the best interests of the county.
Subject to the limitations hereinafter set forth, such notes
may be issued at one time or from time to time and in
such form, and may be sold in such manner, either at pub-
lic or private sale, as said Board of County Commissioners
of Montgomery County may by resolution determine. Such
notes shall mature within not more than five years from