1108 LAWS OF MARYLAND. [CH. 541

ing in each year, and the amount of bonds maturing under
each series, so that there shall appear in said resolution a
statement of the aggregate amount of said bonds to ma-
ture and be paid in each year until the final payment there-
of, or until the final payment of the total amount of said
bonds so to be issued. The respective series of bonds shall
mature and be payable annually after the maturity of the
first series, and the maturity of said first series shall be
no later than five years after June 1, 1937. In the event
that the whole or any part of said bonds are sold at public
sale as hereinafter provided, the advertisement preceding
said sale shall contain a full copy of said resolution pro-
viding for the issue of said bonds.

SEC. 3. And be it further enacted, That said bonds shall
be known as "Emergency Refunding Bonds of , "
the space left blank in the title of said bonds to be used
for the insertion of the year or years in which said bonds,
or any part thereof, are issued, and said bonds shall be
further identified by series letters in the event that they
are not all issued and sold at one time, and said bonds shall
be issued to mature in not more than thirty years from
the date or dates of issue thereof, and the County Commis-
sioners of Montgomery County shall prescribe the medium
of payment of the principal of and the interest on said
bonds and the place or places in Maryland or elsewhere at
which such principal or interest shall be payable. Said
bonds may, in the discretion of the County Commissioners
of Montgomery County be issued subject to registration
as to principal only, or as to principal and interest, and
subject to redemption prior to maturity by and at the op-
tion of the County Commissioners of Montgomery County,
at such price and under such terms and conditions as the
County Commissioners of Montgomery County may deter-
mine prior to the issuance of said bonds. The County Com-
missioners of Montgomery County shall have the author-
ity to exchange any or all of the bonds authorized hereby
at any time for not less than an equal face amount of the
bonds, notes or other obligations authorized hereby to be
refunded or retired, including bonds, notes or other obli-
gations not matured or redeemable, provided that the hold-
ers of such bonds, notes or other obligations shall agree to
surrender the same for retirement or refunding, and pro-
vided further that said bonds, notes or other obligations
shall be one of the list hereinafter designated for retire-
ment or refunding, and provided finally that the County
Commissioners of Montgomery County shall adopt an ap-