HERBERT R. O'CONOR, GOVERNOR. 193

issue thereof is hereby specifically exempted from the pro-
visions of Section 224 of the Code of Public Local Laws of
Montgomery County and also from the provisions of Sections
34, 35 and 36 of Article 31 of the Code of Public General Laws
of Maryland (1939 Edition). Said bonds shall be issued in
denominations of One Thousand Dollars each, to bear interest
at a rate not to exceed four per centum (4%) per annum and
to mature serially over a period of twenty (20) years, account-
ing from the date of issue of such bonds. Under no circum-
stances, shall an amount in excess of Forty Thousand Dollars
(f40, 000. 00) be borrowed pursuant to the authority of this
Act, nor shall the aggregate par amount of said bonds exceed
Forty Thousand Dollars (f40, 000. 00), and if the full amount
of Forty Thousand Dollars ($40, 000. 00) is borrowed, then the
bonds issued in evidence of said borrowing shall be issued to
mature in equal annual serial installments of Two Thousand
Dollars ($2, 000. 00) each over said period of twenty (20) years.
Said bonds shall be signed by the President of the County
Commissioners of Montgomery County and the corporate seal
of said County shall be affixed to each bond, attested by the
Clerk to the Board of County Commissioner of Montgomery
County, and said bonds shall be known as "1943 Kensington
Volunteer Fire Department Bonds". The Board of County
Commissioners of Montgomery County shall have full power
and authority, in said resolution above provided for, to fix
and determine all other details incident to the issue and sale
of said bonds and the form and tenor thereof, subject only to
the limitations, provisions and conditions of this Act. Said
bonds, when and as issued, and the interest to accrue thereon,
and the income derived therefrom, in the hands of the holders
thereof from time to time, shall be and are hereby declared to
be exempt from state, county and municipal taxation of every
kind and nature whatsoever in the State of Maryland.

SEC. 2. And be it further enacted, That the proceeds of the
sale of said bonds shall be payable by the purchaser or pur-
chasers thereof to the Treasurer of Montgomery County who
shall first deduct from said proceeds all amounts received on
account of accrued interest which shall be set apart by him in
a ^pecial account for the payment of the first maturing interest
coupons on said bonds. Said Treasurer shall thereupon further
deduct from the proceeds of said bonds so received by him all"
expenses incurred in the issuance thereof, including cost of
advertising and printing, attorneys' fees and all other similar
incidental expenditures. The balance of said proceeds, includ-
ing any amount received as a premium in the sale of said bonds,
shall be paid by the Treasurer of Montgomery County to the
Treasurer of the Kensington Volunteer Fire Department, In-
7 *