64 LAWS OF MARYLAND.. [CH. 42

exceeding four (4) per cent per annum, as shall be provided
by resolution of the County Commissioners, such interest
to be evidenced by semi-annual coupons attached to the
said notes and bearing the facsimile signature of the
Treasurer of Harford County. Said County Commis-
sioners are authorized to borrow under the provisions of
this Act by selling the negotiable promissory notes herein
authorized, with coupons attached, at a discount less than
the principal amount thereof, provided that the coupon
interest, together with any such discount, shall not exceed
four (4) per cent per annum on the principal of said loan.
The said loan and every part thereof and every note,
coupon or other evidence thereof, and the interest payable
thereon, shall be and remain exempt from State, County
and Municipal taxation.

234K. The said County Commissioners shall use the
proceeds of such loan for the purpose of paying part of a
loan of Three Hundred Thousand Dollars ($300, 000. 00) to
become due on October 1, 1936, provided, however, that the
purchaser of any of said Promissory Notes issued by the
County Commissioners as provided herein shall not be
responsible or liable for the application of the amount paid
for said note or notes.

234L. That for the purpose of paying the interest on
said loan the Board of County Commissioners of Harford
County shall for the year 1937 and annually thereafter
until all of said loan made under the authority of this Act
shall mature and be redeemed, levy a tax upon the assess-
able property in said County sufficient to pay the annual
interest on said loan outstanding, said taxes to be collected
as other taxes levied in said County are collected; and for
the purpose of redeeming the principal of said loan, said
Board shall annually levy a tax upon the assessable prop-
erty in said County sufficient to pay the installments
thereof as the same shall become due, making due allowance
in such levy for any sum or sums which shall have been
received by the said County Commissioners from the State
Roads Commission and specially set aside for the purpose
of redeeming the principal of said loan, the taxes so levied
to be collected in the same manner as the taxes levied for
the payment of the interest, as above set forth.

SEC. 2. And be it further enacted, That this Act shall
take effect on June 1, 1935.

Approved: April 29, 1935.