HERBERT R. O'CONOR, GOVERNOR. 1627

of the bonds herein authorized, the Board of County Com-
missioners of Montgomery County shall adopt a resolution
describing the project or purposes set forth in this Act
for which said borrowing or indebtedness is intended, the
amount needed to finance said project or accomplish said
purpose and determining to borrow money or incur indebted-
ness for all or a part of the amount so needed and to issue its
bonds to evidence such borrowing or indebtedness. No refer-
endum of or approval by the qualified voters of the County of
any such project or purpose, or of borrowing of money or in-
curring indebtedness therefor, or of the issuance of said
bonds, shall be required as a condition precedent to the adop-
tion of such resolution or the issuance of any such bonds,
and the authority hereby granted is specifically exempted from
the provisions of Section 224 of Article 16 of the Code of Public
Local Laws of Maryland. Said County shall have and is
hereby granted full and complete authority and discretion to
fix. and determine in said resolution, the form and tenor of
any such bonds, the rate or rates of interest payable thereon,
which may vary in different issues, or the method of arriving
at the same, the date or dates upon which said bonds shall
mature and be payable, provided they shall be serial maturi-
ties not exceeding thirty years from their date, the method
and manner of sale thereof, and generally all matters incident
or necessary to the issuance, sale and delivery and payment
thereof. The bonds of each issue hereby authorized shall be
dated, shall bear interest at such rate or rates not exceeding
four per centum (4%) per annum, payable semi-annually, shall
mature serially at such time or times, not exceeding thirty
years from their, date, as may be determined by said resolution
of the Board of County Commissioners of Montgomery County.
The principal of and the interest on said bonds may be made
payable in any lawful medium. Said resolution shall deter-
mine the form of said bonds, including any interest coupons
to be attached thereto, and the manner of their execution,
and shall fix the denomination or denominations and the
place or places of payment of the principal and the interest
thereon, which may be at any bank or trust company within or
without the State of Maryland. In case any officer whose
signature shall appear on any such bonds or on the coupons
attached thereto, shall cease to be such officer before their
delivery, such signature shall nevertheless be valid and suffi-
cient for all purposes the same as if he had remained in office
until such delivery. All bonds issued under the provisions
of this Act shall have, and are hereby declared to have, as
between successive holders, all the qualities and incidents of
negotiable instruments under the Negotiable Instruments Law
of this State, to the extent provided in Section 33 of Article