928 LAWS OF MARYLAND. [CH. 689

County and such notes, certificates of indebtedness, and/or
bonds may be issued from time to time, and in such form and
may be sold in such manner either at public or private sale
and may be renewed or reissued as said Board of County Com-
missioners of Montgomery County may by resolution determine
and the Board of County Commissioners shall have power to
levy against the taxable property in said County, such sums
as may be necessary from time to time to pay the interest on
said notes, certificates of indebtedness and/or bonds, and to
retire the principal thereof at maturity.

The Board of County Commissioners is hereby authorized
and directed to transfer to the Liquor Control Board the title
to all real and personal property now used by said Liquor Con-
trol Board, including trucks, automobiles, personal property,
equipment, stock in trade, leases and the title to the Liquor
Dispensary Building located in Silver Spring, Maryland.

The net profits derived from the sale of alcoholic beverages
by the Liquor Control Board shall be applied, in the first in-
stance, towards the payment of current interest and retirement
charges on such notes, certificates of indebtedness and/or
bonds as may be issued by the Board of County Commissioners
for the purpose of raising funds for the establishment and
operation of the Dispensary System authorized in said County,
and after the payment of such charges, secondly, the Liquor
Control Board shall retain such amounts as in their discretion
are necessary for the creation of a reserve and operating fund
to provide adequate working capital for the continued opera-
tion of said Dispensary System, which sum to be retained by
the Liquor Control Board in aii}T one (1) year however, shall
not exceed ten (10) per cent of the average of the gross sales
of beer for such year and the immediate preceding year, and
forty (40) per cent of the average of the gross sales of wines
and liquors for such year and the immediate preceding year,
the Liquor Control Board may, however, retain such additional
sums for working capital in any one (1) year as may be al-
lowed by the Board of County Commissioners of Montgomery
County, and, thirdly, the remainder of said profits, if any,
shall be paid to the Board of County Commissioners to be used
by them for any purpose which they may deem necessary.

SEC. 2... And 1)0 it further enacted, That this Act shall take
effect June 1, 1943.

Approved May 4, 1943.