488 LAWS OF MARYLAND. [CH. 241
CHAPTER 242.

AN ACT to authorize the County Commissioners of Kent
County to issue bonds not to exceed $60, 000. 00 in the
fiscal year of 1935—1936 and not to exceed $45, 000. 00 in
the fiscal year of 1936—1937 for the purpose of retiring
Slag Road bonds due on July 1, 1935, and July 1, 1936,
and Lateral Road Bonds due on January 1, 1935 and pay-
ing interest due on Slag Road, Concrete Road and Lateral
Road bonds between July 1, 1935 and January 1, 1937.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Kent Coun-
ty be and they are hereby authorized to issue serial coupon
bonds in denominations of one thousand dollars each, to be
signed by the President of the Board of County Commis-
sioners and countersigned by the Clerk of said Board, not
to exceed in the aggregate sixty thousand ($60, 000. 00)
dollars in the fiscal year of 1935—1936 and not to exceed
in the aggregate forty-five thousand dollars ($45, 000. 00) in
the fiscal year of 1936 and 1937, and to bear interest at a
rate not to exceed five per cent. (5%) per annum, payable
semi-annually on such dates as said Commissioners shall
designate in each and every year; said bonds shall be ex-
empt from State, County and Municipal taxation, and the
coupons of said bonds shall, as they become due and payable,
be receivable by the Treasurer of Kent County in the pay-
ment of County taxes. The said bonds shall be sold by the
County Commissioners, after due advertisement, to the
highest bidder or bidders, but the said County Commission-
ers shall have the right to reject any or all bids.

SEC. 2. And be it further enacted, That said bonds shall
bear such date or dates as the said County Commissioners
shall determine and so issued that ten thousand dollars
($10, 000) in principal amount of said bonds shall mature
on January 1, 1942, and ten thousand dollars ($10, 000)
thereof shall mature on the first day of January of each
year thereafter until all said bonds shall have been paid.

SEC. 3. And be it further enacted, That the bonds au-
thorized by this Act shall be designated as "Funding Bonds
of Kent County" and shall contain a reference to this Act,
and the funds derived from the sale of said bonds shall be
used for retiring Slag Road bonds due on July 1, 1935, and
July 1, 1936, and Lateral Road Bonds due on January 1,
1935, and paying interest due on Slag Road, Concrete Road