684                        LAWS OF MARYLAND.                  [CH. 255

by the following Acts of the General Assembly of Maryland:
Chapter 397 of the Acts of 1920, bearing interest at live
per cent, and Chapter 144 of the Acts of 1927, bearing in-
terest at four and one-half per cent, and issue and sell
coupon bonds therefor, the proceeds thereof to be used to
pay off part of the above enumerated bond issues when and
as they become due, and to provide for the payment of the
interest on the bonds hereby authorized and of the principal
thereof by the levy of taxes on the assessable property in
Frederick County.

WHEREAS, The Board of County Commissioners for Fred-
erick County have heretofore issued bonds of the County Com-
missioners for Frederick County under the authority vested in
it by the following Acts of the General Assembly of Maryland:
Chapter 397 of the Acts of 1920, bearing interest at five per
cent., and Chapter 144 of the Acts of 1927, bearing interest at
four and one-half per cent., and

WHEREAS, The bonds issued in pursuance of each of the
above enumerated Acts are serial bonds, a certain proportion
of each of said issues is required to be paid during the year
1931, and the next succeeding four years, and

WHEREAS, It is desirable and to the interest of the said
Board of County Commissioners to be granted the authority
to refund said bonds, and new bonds be issued at a lower rate
of interest:

SECTION 1. Be it enacted by the General Assembly of
Maryland, That for the purpose of redeeming and extending
and altering the time of payment of a total of one hundred
thousand ($100, 000. 00) dollars of bonds issued by the County
Commissioners for Frederick County under and by virtue of
Chapter 397 of the Acts of 1920, bearing interest at five per
cent., and Chapter 144 of the Acts of 1927, bearing interest at
four and one-half per cent., a part of which mature each year
from 1931 to 1935, both inclusive, therefore the said Board of
County Commissioners for Frederick County 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 thousand ($100, 000. 00) dollars, the
proceeds of sale thereof to be applied to pay off part of the
serial maturities of the above described bond issues outstand-