ALBERT C. RITCHIE, GOVERNOR.                  969

Acts of the General Assembly of Maryland, Session of 1929, be
and the said section is hereby repealed and re-enacted, to read as
follows:

Section 204. He shall collect all taxes levied by the Board
of County Commissioners and shall receive all moneys paid to
said County from any source whatever and shall make disburse-
ment thereof under the provisions of lawT and the order of the
County Commissioners.

It shall be his duty to deposit daily all moneys, checks, drafts
and other receipts collected by him in such bank or banks or
banking institutions of Montgomery County as shall be desig-
nated within sixty (60) days from the date on which this Act
becomes effective and on or before the first Tuesday of May
of each year thereafter by the Board of County Commissioners
of Montgomery County; provided such banks or banking insti-
tutions shall comply with the provisions for the security of such
funds as hereinafter set forth, and in the event of the failure
of the county banks or banking institutions to comply with the
requirements hereof, then he shall make deposit of the said re-
ceipts in such other banks or banking institutions, preferably
in the City of Baltimore, which shall be designated by the Board
of County Commissioners. The Treasurer shall at all times
make deposit of the said county funds in the banks or bank-
ing institutions so designated and in such amounts as may be
fixed from time to time by the Board of County Commissioners.
It shall be obligatory upon the Board of County Commissioners,
in selecting such place or places of deposit, to prefer the banks
or institutions which shall agree to pay interest upon the
monthly balance of such deposits at a rate equal to one-half of
one per cent less than the Baltimore Clearing House interest
rates on reserve bank deposits; provided, however, that the
Board of County Commissioners shall require from each and
every bank or banking institution receiving deposits of public
funds a bond in form, satisfactory to the Board of County Com-
missioners with a satisfactory surety or guaranty company in
an amount equal to the amount of public funds so deposited,
said bond to run to the State of Maryland for the benefit of
Montgomery County, and to be conditioned upon the safekeep-
ing and forthcoming when required of all deposits made during
the term of such designation. In the event any banking insti-
tution shall be unable or unwilling to provide a surety or guar-
anty company satisfactory to the Board of County Commis-
sioners as hereinbefore provided, the said Board may, in its
judgment, by proper resolution, accept upon such a bond in
lieu of such corporate surety not less than three individuals,
residents of Montgomery County, or if they be not residents of
the county that they shall be directors or stockholders in the