1628 LAWS OF MARYLAND. [CH. 950

31 of the Code of Public General Laws of Maryland (1939
Edition). Said bonds may be issued in coupon or in regis-
tered form, or both, as said Board of County Commissioners
of Montgomery County may determine by any such resolution,
and provisions may be made for the registration of said bonds
having coupons attached, as to principal alone and also as to
both principal and interest, and for their reconversion into
coupon form, if any of them shall have been registered as to
both principal and interest. Such bonds shall not be subject
to the provisions of Sections 34, 35 and 36 of Article 31 of the
Annotated Code of Public General Laws of Maryland (1939
Edition), and said Board of County Commissioners of Mont-
gomery County may sell such bonds either at public or private
sale in such manner and for such price or prices as may be
determined to be for the best interests of the County, pro-
vided no sale shall be for less than par. The money so bor-
rowed or the indebtedness incurred, in evidence of which said
bonds shall be issued, shall be used by the County exclusively
and solely for the project or purposes described in said resolu-
tion, and in the event the amounts so borrowed shall prove
inadequate for the financing of any such project or purposes,
at any time, the County may in the same manner issue addi-
tional bonds for the purpose of evidencing the borrowing of
additional funds for any such project or purposes, but if the
funds derived from the sale of any issue of any such bonds shall
exceed the amount needed to finance the projects or purposes
described in said resolution, the excess funds so borrowed shall
be set apart by the County and applied in payment of the first
principal maturity of the bonds so issued. Said resolution shall
provide that said bonds shall be issued upon the full faith and
credit of the County and shall be payable from unlimited ad
valorem taxes levied upon all assessable property within the
corporate limits of said County. In each and every fiscal year
that any bonds issued pursuant to the authority of this Act are
outstanding the County shall levy or cause to be levied ad
valorem taxes upon all the assessable property within the cor-
porate limits of the County in rate and amount sufficient to pro-
vide for the payment, when due, of the interest and principal of
all such bonds issued pursuant to the authority hereof and ma-
turing in each such fiscal year. In the event the proceeds from
the taxes levied in any such fiscal year shall prove inadequate
for the above purposes, additional taxes shall be levied in
the succeeding fiscal year to make up any such deficiency.
Any and all bonds issued pursuant to the authority of this
Act, and the interest thereon, and the income derived there-
from, in the hands of the holders thereof from time to time,
shall be and are hereby declared to be exempt from State,