ALBERT C. RITCHIE, GOVERNOR.                  591

be and it is hereby authorized and empowered, in its discretion,
to issue and sell serial coupon bonds on the faith and credit
of said Frederick County to an amount not to exceed in the
aggregate the sum of one hundred eighty-six thousand ($186, -
000. 00) dollars, the proceeds of sale thereof to be applied to
pay off the said issues of bonds above described and now out-
standing pursuant to the several Acts of the General Assembly
of Maryland, above described; said bonds to be issued at such
time and dated as the said County Commissioners shall deter-
mine, and in denominations of one thousand ($1, 000. 00) dol-
lars each, to bear interest at a rate not to exceed four per cent,
per annum, payable semi-annually on the first days of April
and October in each and every year said bonds are outstanding
and unpaid, from date of issue; which interest shall be evi-
denced by proper coupons to be attached to said bonds, and
said bonds to be signed by the president of the Board of
County Commissioners for Frederick County and counter-
signed by the clerk thereof, sealed with the corporate seal of
said Board of County Commissioners for Frederick County;
and that the coupons for the interest thereon may be authenti-
cated by the engraved, lithographed or printed signature of the
president of said Board of County Commissioners for Fred-
erick County or the clerk thereof, and to be exempt from any
and all State, county and municipal taxes. The said bonds shall
have written or printed on them a distinct reference to the Act:
authorizing the issue and shall be designated as "Frederick
County Refunding Bonds of 1931. "

SEC. 2. And be it further enacted, That said bonds shall
be issued in series to mature as follows:

October 1st, 1946___$18, 000. 00

October 1st, 1947___ 18, 000. 00

October 1st, 1948___ 18, 000. 00

October 1st, 1949___ 18, 000. 00

October 1st, 1950___ 18, 000. 00

October 1st, 1951___ 18, 000. 00

October 1st, 1952___ 18, 000. 00

October 1st, 1953___ 18, 000. 00

October 1st, 1954___ 18, 000. 00

October 1st, 1955.... 18, 000. 00
October 1st, 1956.... 6, 000. 00

SEC. 3. And be it further enacted, That upon the sale of the
bonds hereby authorized the proceeds thereof shall be used by