ALBERT C. RITCHIE, GOVERNOR.                  517

vanced to the State Roads Commission of Maryland to pay for
roads or portions of roads already constructed in Montgomery
County in excess of the proceeds of bond issues authorized by
the 1929 Session of the Maryland General Assembly or of
Montgomery County's allotment of post and lateral road con-
struction appropriations; and

WHEREAS,, The amount so owing to the State Roads Com-
mission for such construction and the amount temporarily bor-
rowed by said County Commissioners aggregate the total sum
of one hundred seventy thousand ($170, 000. 00) dollars; and

WHEREAS, It is the purpose of the General Assembly of
Maryland to permanently finance or refund to the treasury of
Montgomery County as the case may be, the herein described
advances from the Board of County Commissioners of Mont-
gomery County to the State Roads Commission of Maryland,
and all loans obtained for road and bridge construction; now
therefore,

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of County Commissioners of Mont-
gomery" County be and it is hereby authorized, directed and
empowered to issue serial coupon bonds on the faith and credit
of said county, to the amount of one hundred seventy thousand
($170, 000. 00) dollars, par value, said bonds to be issued in
denominations of one hundred dollars ($100. 00) or any mul-
tiple thereof, to bear interest at a rate not exceeding five per
centum (5%) per annum, payable semi-annually in each year
during which said bonds shall be outstanding and remain un-
paid, to be signed by the president of the Board of County
Commissioners of said county and countersigned by the clerk
thereof (provided that the coupons for the interest thereon
may be authenticated by the engraved, lithographed or printed
signature of the president of said Board of County Commis-
sioners), to have the corporate seal of said Board of County
Commissioners of Montgomery County affixed thereto, and to
be exempt from all State, county and municipal taxes. The
said bonds shall have written or printed on them a distinct ref-
erence to the Act authorizing the issue and shall be designated
as "Montgomery County Road Construction Funding Bonds
of 1931. "

SEC. 2. And be it further enacted, That the said Board
of County Commissioners of Montgomery County is author-