HERBERT R. O'CONOR, GOVERNOR. 367

powers conferred by this Act, and any such resolution shall
be in force and effect from and after its passage. Said
Board shall by resolution determine the rate or rates of
interest to be paid on the bonds not exceeding 4% per
annum, payable semi-annually, and the maturity or ma-
turities of the bonds, which shall be at a time or times not
exceeding thirty years from the date of the bonds, and
shall likewise determine the form of the bonds, the officers
by whom they shall be executed and the medium of pay-
ment and the place or places in Maryland or in any other
State at which the principal and interest shall be payable.
In case any of the officers whose signatures appear on the
bonds and coupons shall cease to be such officers before
the delivery of such bonds, such signatures shall never-
theless be valid and sufficient for all purposes, the same as
if they had remained in office until such delivery. The
bonds may be made registerable as to principal alone and
as to both principal and interest, under such terms and
conditions as may be determined by said Board. The bonds
may be made redeemable before maturity, at the option
of the Board, at such price and under such terms and
conditions as may be fixed by the Board prior to the issu-
ance of the bonds.

SEC. 3. And be it further enacted, That said Board may
sell any or all of said bonds in such manner as it may deter-
mine; provided, however, that no sale thereof shall be made
for less than par and accrued interest.

SEC. 4. And be it further enacted, That the proceeds
derived from the sale of any such bonds shall be used ex-
clusively for the purposes for which such bonds shall be
authorized and for paying the cost of engraving or printing
the bonds and all other incidental costs and expenses con-
nected with the issuance of said bonds.

SEC. 5. And be it further enacted, That the Board of
County Commissioners is hereby authorized and empow-
ered to refund or exchange at any time during the years
1943 and 1944 any outstanding bonds of Montgomery
County by issuing serial coupon bonds for terms not ex-
ceeding 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 all bonds issued
under the authority of this Act shall be exempt from taxa-
tion by the State of Maryland and by the Counties and
municipalities of said State.