WM. PRESTON LANE, JR.; GOVERNOR. 1521

notes and bonds issued under this Act shall not exceed
$1, 500, 000. The said notes, certificates of indebtedness and/
or bonds shall bear interest at such rate or rates, not ex-
ceeding 5% per annum, as shall be provided by resolution
of the County Commissioners, and in the event of issuance
of bonds to be evidenced by semi-annual coupons attached
to said bonds and bearing the facsimile signature of the
Treasurer of Harford County. If bonds are issued, the pro-
visions of Sections 35 and 36 of Article 31 of the Annotated
Code of Maryland (1939 Edition), shall be complied with.
Said County Commissioners are authorized to borrow under
the provisions of this Act by selling the negotiable promis-
sory notes, certificates of indebtedness and/or bonds herein
authorized, at a discount less than the principal bonds here-
in authorized, at a discount less than the principal amount
thereof, provided that such discount shall not exceed 5%
per annum on the principal of said loan. The said loan and
every part thereof and every note, bond, coupon or other
evidence thereof, and the interest payable thereon, shall be
and remain exempt from State, County and municipal taxa-
tion.

SEC. 3. And "be it further enacted, That the proceeds de-
rived from said loan shall be placed in a special fund by the
County Treasurer, and shall be paid out by him only on
warrants from the County Commissioners, which warrants
shall be issued only upon proper vouchers presented by the
Board of Education of Harford County for the erection and
equipment of new school buildings and for additions to and
equipment of existing school buildings in said County.

SEC. 4. And fie it further enacted, That for the purpose
of paying the interest on said notes and/or bonds and for
redeeming said notes and/or bonds as they mature, the
County Commissioners of Harford County shall annually
levy a tax upon the assessable property of said County
sufficient to pay the annual interest on said notes and/or
bonds and to redeem said notes and/or bonds as they become
due until all of said notes and/or bonds shall mature and
be redeemed. The taxes so levied shall be collected in the same
manner as other taxes are levied and collected in said
County.

SEC. 5. And "be it further enacted, That this Act shall take
effect June 1, 1949.

Approved April 29, 1949.