290 LAWS OF MARYLAND. [CH. 282

fiscal year beginning April 1, 1943, or with the proceeds of
the sale of bonds which may be sold for the purpose of paying
the same; and

WHEREAS,, The said County Commissioners of Allegany
County, Maryland, have determined that such indebtedness
shall be paid off by the proceeds received from the sale of
bonds, therefore

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Allegany County
be and they are hereby authorized and directed to borrow on
the faith and credit of Allegany County, the sum of forty
thousand dollars ($40, 000. 00), and to issue therefor coupon
bonds dated July 1, 1943, numbered consecutively from one
(1) to forty (40) inclusive. That the bonds hereby author-
ized to be issued shall be known as "Memorial Hospital Bonds,
Issue of 1943", and shall be issued in denominations of one
thousand dollars ($1, 000. 00) each, and shall bear interest at
the rate not exceeding three percent (3%) per annum, pay-
able semi-annually, for which proper interest coupons shall
be attached to said bonds. The proceeds arising from said
bonds to apply to the payment of a certain note for $37, 500. 00
and interest given by the County Commissioners for Allegany
County to The First National Bank of Cumberland, Maryland,
on October 30, 1942, the proceeds from which note having
heretofore been paid over by the County Commissioners of
Allegany County to the Board of Governors of Memorial
Hospital, Cumberland, Maryland, for the purpose of the com-
pletion of two floors of said Memorial Hospital in Cum-
berland.

SEC. 2. And be it further enacted, That said bonds shall
be issued to mature serially over a period of eight years, be-
ginning with the year 1962 to and including the year 1969.
They shall be made to mature in the order of their consecutive
numbers, starting with bond number one, in eight equal
annual installments of five thousand dollars, ($5, 000. 00),
aggregate par amount thereof each.

SEC. 3. And be it further enacted, That the bonds hereby
authorized to be issued, or any part thereof, and the interest
payable thereon, in the hands of the person or persons thereto
entitled shall, so long as any of said bonds are outstanding
and unpaid, be and remain exempt from State, County and
municipal taxation of every kind and nature whatsoever in
the State of Maryland.

SEC. 4. And be it further enacted, That in order to provide
for the sale of said bonds hereby authorized to be issued, the