230                         LAWS OF MARYLAND.                 [CH. 108

whereby numerous citizens, residents and inhabitants of Mont-
gomery County and of the State of Maryland are in need, be
and the board is hereby authorized and empowered to issue
serial coupon bonds upon the faith and credit of Montgomery
County to the amount of not to exceed two million one hundred
forty-four thousand dollars ($2, 144, 000). Such bonds shall
be issued in denominations, of one hundred dollars ($100. 00)
or any multiple thereof, shall bear interest at a rate of not ex-
ceeding five per centum (5%) per annum, payable semi-annu-
ally in each year during which said bonds shall be unpaid,
shall be signed by the president of the Board of County Com-
missioners of said county and countersigned by the clerk there-
of (provided that the coupons for the interest thereon may be
authenticated by the engraved, lithographic or printed signa-
ture of the president of said Board of County Commission-
ers), shall have the corporate seal of said board affixed thereto,
and shall be exempt from all State, county and municipal tax-
ation. Said bonds shall have written or printed on them a
distinct reference to this Act and shall be designated as "Mont-
gomery County General Construction Bonds, " with the fur-
ther designation of the year of issuance thereof. Said bonds
shall be issued in series maturing as said Board of County
Commissioners may determine, but none of said bonds shall
be issued for a longer period than forty years from the date
of issuance.

SEC. 2. And be it further enacted, That said Board of
County Commissioners is hereby authorized and empowered
to issue and to sell said bonds in the following manner:

One million fifty-five thousand dollars ($1, 055, 000) of the
face value of said bonds shall be issued and sold during the
year 1931, and shall be designated as "Montgomery County
General Construction Bonds of 1931. "

One million dollars ($1, 000, 000) of the face value of said
bonds shall be issued and sold during the year 1932, and shall
be designated as "Montgomery County General Construction
Bonds of 1932. "

Eighty-nine thousand dollars ($89, 000) of the face value of
said bonds shall be issued and sold during the year 1933, and
shall be designated as "Montgomery County General Con-
struction Bonds of 1933. "

In the event that any of the bonds herein authorized to be
issued and sold through any cause whatsoever shall not be sold
within the year herein authorized, then the said Board of