358 LAWS OF MARYLAND. CH. 252

SEC. 5. And be it further enacted, That the Board of County
Commissioners is hereby authorized and empowered to refund
or exchange at any time during the years 1941 and 1942 any
outstanding bonds of Montgomery County by issuing serial
coupon bonds for terms not exceeding twenty (20) years and
at such rate or rates of interest as the said Board shall by
resolution determine.

SEC. 6. And be it further enacted, That in any year
after the year which ends June 30, 1943, the said Board of
County Commissioners may provide for the refunding of any
bonds maturing in said year in the same manner and under
the same conditions as authorized by this Act for the refund-
ing of bonds prior to June 30, 1943, except that no refunding
bonds shall be issued in any year unless at least $200, 000 of
such maturing bonds shall be paid for out of the current reve-
nue during said tax, levy or budget year, and except further
that no such refunding bonds shall be issued in any tax, levy
or budget year in which any additional general bonds of the
County are authorized and issued.

SEC. 7. And be it further enacted, That all bonds issued
under the authority of this Act shall be exempt from taxation
by the State of Maryland and by the Counties and municipali-
ties of said State.

SEC. 8. And be it further enacted, That in each year while
any ©f such bonds shall be outstanding, there shall be levied
upon all taxable property in Montgomery County an ad
valorem tax sufficient to pay the principal and interest on said
bonds as the same shall fall due, which tax shall be in addi-
tion to all other taxes authorized or limited by law.

SEC. 9. And be it further enacted, That all of the above-
described bonds of Montgomery County now outstanding are
hereby validated and legalized and declared to be valid obli-
gations of said Montgomery County.

SEC. 10. And be it further enacted, That this Act is hereby
declared to be an emergency law and necessary for the imme-
diate preservation of the public health and safety, and being
passed by a yea and nay vote, supported by three-fifths of all
the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved April 23, 1941.