60 LAWS OF MARYLAND. [CH. 62

shall thereupon run for the period of years for which it would
have run if levied at the proper time or in the proper manner;
and this section shall apply to all errors, omissions or mis-
takes heretofore made by said Board, or to any judgment or
decree heretofore rendered.

SEC. 5. And be it further enacted, That in order to enable
the County Commissioners of Montgomery County to finance
the initial cost of the construction of the improvements herein-
above authorized, said County Commissioners of Montgomery
County be and it is hereby authorized and empowered, from
time to time or at any time, to borrow money upon the security
of its full faith and credit in an amount or amounts sufficient
to finance the cost of each such construction or improvement
project. Such borrowing shall be evidenced by the issue of the
negotiable certificates of indebtedness of such County in par
amount equal to the amount of such borrowing. Prior to the
issuance of any such certificates of indebtedness, the Board of
County Commissioners of Montgomery County shall adopt a
resolution reciting the construction or improvement project or
projects for which an expenditure is to be or has been made
and authorizing the issue of such certificates of indebtedness
to meet such expenditure. Said Board shall have and is hereby
granted full authority and discretion to determine the form,
denomination, interest rate or method of arriving at the same,
method and manner of sale, maturity schedule and all other
details incident to such certificates of indebtedness, provided,
however, -that no such certificates of indebtedness shall be
issued to bear interest at a rate exceeding six per centum (6%)
per annum, nor shall they be issued to mature more than ten
(10) years from their respective date or dates of issue, nor
shall they be sold at a price less than the par value thereof,
plus accrued interest. Said certificates of indebtedness may
be in serial maturity form and they may be issued subject to
registration as to either principal or interest with such regis-
trar as the County may select, which may be a bank or trust
company located either within or without the State of Mary-
land. The principal and interest of such certificates of indebt-
edness may be made payable at any bank or trust company
located within or without the State of Maryland. Said cer-
tificates of indebtedness may be sold either at public or private
sale, in the discretion of the Board of County Commissioners
of Montgomery County, and the approval of the issuance of
such certificates of indebtedness by the qualified voters of
Montgomery County, or of any subdivision thereof, shall not
be necessary as a condition precedent to the issue of such cer-
tificates of indebtedness, the provisions of Sections 34, 35 and
36 of Article 31 of the Code of Public General Laws of Mary-
land (1939 Edition) and Section 224 of Article 16 of the Code