WM. PRESTON LANE, JR., GOVERNOR. 1483

in the year 1947, the County was authorized to borrow an
additional One Million Dollars ($1, 000, 000. 00) for the same
purposes, such borrowing to be effected in the same manner,
and by said Chapter 455 the unexercised authority of said
Chapter 662 was extended beyond the time limitations therein
originally prescribed; and

WHEREAS, the sum of Five Hundred Thousand Dollars
($500, 000. 00) has been borrowed pursuant to the authority
of said Chapter 662 and the sum of Six Hundred Fifty Thou-
sand Dollars ($650, 000. 00) has been borrowed pursuant to
the authority of said Chapter 455, making an aggregate of
One Million, One Hundred Fifty Thousand Dollars ($1, 150, -
000. 00) and leaving a balance of Eight Hundred Fifty Thou-
sand Dollars ($850, 000. 00) which the County may still borrow
pursuant to the combined authority of said two Acts of As-
sembly; and

WHEREAS, said bonds so issued to evidence said borrowing
were, by the terms of said Acts of Assembly, limited as to
source of payment and it has become increasingly difficult
to market such bonds because of their unusual nature; and

WHEREAS, it therefore appears desirable and in the public
interest to provide that any sums so borrowed in the future
be secured as to repayment primarily from the special taxes
provided for in said Acts of Assembly and, in the event of
a deficiency in such taxes only, from the proceeds of taxes
levied by the County on all taxable property within its corpo-
rate limits, and it is also desirable to combine the borrowing
authority of the County for such purposes in a single enact-
ment, without increasing the total thereof heretofore author-
ized.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That Sections 1, 2 and 7 of Chapter 455 of the Acts of
the General Assembly of Maryland, passed at its January
Session in the year 1947, be and the same are hereby repealed
and re-enacted, with amendments, to read as follows:

1. The County Commissioners of Prince George's County
is hereby authorized and directed to issue general obligation
bonds of said County in an amount not exceeding One Million
Five Hundred Thousand Dollars ($1, 500, 000) and said County
Commissioners may issue and sell said bonds, in whole or
in part at such time or times as said Commissioners, in
their discretion, shall determine. Said bonds shall bear in-
terest at a rate not exceeding four per cent (4%) payable
semi-annually, shall mature serially over a period of twenty-