HERBERT R. O'CONOR, GOVERNOR. 411

bond, attested by the Clerk of the Board of County Com-
missioners of Montgomery County, and said bonds shall be
known as "1945 Hillandale Volunteer Fire Department
Bonds". The Board of County Commissioners of Mont-
gomery County shall have full power and authority, in said
resolution above provided for, to fix and determine all
other details incident to the issue, and sale of said bonds
and the form and tenor thereof, subject only to the limita-
tions, provisions and conditions of this Act.. Said bonds,
when and as issued, and the interest to accrue thereon, and
the income derived therefrom, in the hands of the holders
thereof from time to time, shall be and are hereby declared
to be exempt from state, county and municipal taxation of
every kind and nature whatsoever in the State of Mary-
land.

SEC. 2. And be it further enacted, That the proceeds of
the sale of said bonds shall be payable by the purchaser
or purchasers thereof to the Treasurer of Montgomery
County who shall first deduct from said proceeds all
amounts received on account of accrued interest which shall
be set apart by him in a special account for the payment
of the first maturing interest coupons on said bonds. Said
Treasurer shall thereupon further deduct from the pro-
ceeds of said bonds so received by him all expenses incurred
in the issuance thereof, including cost of advertising and
printing, attorneys' fees and all other similar incidental
expenditures. The balance of said proceeds, including any
amount received as a premium in the sale of said bonds,
shall be paid by the Treasurer of Montgomery County to
the Treasurer of the Hillandale Volunteer Fire Depart-
ment, Incorporated, but said Treasurer shall only make
said payment after receiving notice from the President of
the County Commissioners of Montgomery County that
it is proper for him to do so. Said President of the County
Commissioners of Montgomery County shall not permit the
release of said funds as above provided unless and until
the Treasurer of said Hillandale Volunteer Fire Depart-
ment, Incorporated, shall have given to the Board of County
Commissioners of Montgomery County a corporate surety
bond in a form approved by that Board, said bond to be in
a penal sum not less than the net amount of the indebted-
ness incurred by the County Commissioners of Montgomery
County as above authorized and to be conditioned upon the
faithful holding and (disbursement by said Treasurer of the
funds hereby authorized to be paid to him, in accordance
with the conditions and provisions of this Act. Said Treas-
urer shall pay, from the funds so placed in his custody,
the total cost of the construction and the equipment of said