1624 LAWS OF MARYLAND. [CH. 950

Bethesda, Rockville, Takoma Park or Gaithersburg and other
locations in Montgomery County to be selected by said Com-
mission; authorizing the County to fund, refund or re-
finance any of its presently outstanding funded obligations
or floating indebtedness maturing between July 1, 1945 and
July 1, 1947; empowering said County to borrow money at
any time or from time to time prior to December 1, 1946, in
an aggregate amount not to exceed Five Million Dollars
($5, 000, 000. 00), in addition to any amounts borrowed for re-
funding or refinancing existing obligations, to implement or
facilitate the exercise of any of the powers herein granted
and to evidence all such borrowing, whether for refunding or
for other purposes, by serial bonds of said County issued
upon the security of its full faith and credit; exempting any
bonds issued hereunder from the provisions of Section 224
of Article 16 of the Code of Public Local Laws of Mary-
land, and from the provisions of Article 31, Sections 34,
35 and 36 of the Annotated Code of Maryland (1939 Edi-
tion); empowering said County, in the discretion of the
County Commissioners, to fix and determine, by resolution,
the form, tenor, interest rate, not to exceed four per cent,
or method of arriving at the same, method and manner of
sale, terms, including registration provisions, conditions,
maturities, not to exceed thirty years, and all other details
incident or necessary to the issuance, sale, delivery and pay-
ment of said bonds, without reference to any other law
heretofore enacted; empowering said County, subject to cer-
tain limitations, to sell said bonds, at public or private sale,
without referendum, at not less than the par value thereof;
empowering said County to levy unlimited ad valorem taxes
for the payment of the principal of and interest on any
bonds issued hereunder; exempting from State, County and
municipal taxation in the State of Maryland all bonds issued
hereunder, and the interest thereon, and all income derived
therefrom in the hands of the holders thereof, from time to
time.

WHEREAS, the recent growth of the City of Washington
has resulted in a corresponding increase in the population of
Montgomery County, which has necessitated an unprecedented
expansion in municipal and public facilities, services and as-
sistance; and

WHEREAS, there is a constant and continuing demand for
further expansion of such facilities, service and assistance; and

WHEREAS, the present war emergency has imposed upon the
County Commissioners of Montgomery County the duty and
obligation to preserve and protect the health, welfare and