WM. PRESTON LANE, JR., GOVERNOR. 317

exceeding Twenty-two Hundred and Fifty Dollars ($2, 250. 00)
per annum, payable monthly, which salary shall be annually
levied for by the County Commissioners of Howard County.
The Clerk so appointed shall hold the position at the pleasure
of the Treasurer, and shall perform such duties as shall be
designated from time to time by the Treasurer.

SEC. 2. And ~b& it further enacted, That this Act shall take
effect June 1, 1949.

Approved March 31, 1949.

CHAPTER 187
(House Bill 513)

AN ACT to authorize and enable the County Commissioners
of Allegany County to invest the proceeds from the sale of
bonds authorized by Chapter 419 of the Acts of 1947 and
any interest therefrom in bonds or other obligations of the
United States and providing for the redemption or sale of
said securities.

WHEREAS,, by Chapter 419 of the Acts of 1947, the County
Commissioners of Allegany County were authorized to issue
bonds in the amount of f2, 000, 000. 00 for school construction;
and

WHEREAS, the entire proceeds of the sale of said bonds are
not immediately needed as the building program will extend
over a considerable time; and

WHEREAS, the County Commissioners of said County deem
it advisable to invest said proceeds in interest bearing securi-
ties of the United States; now therefore

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Allegany County be
and they are hereby authorized to place or invest the proceeds
from the sale of bonds authorized by Chapter 419 of the Acts
of 1947, together with any interest thereon, as follows:

(a) 11, 000, 000. 00 shall be invested in United States Series
D notes which shall be held at least four months before re-
demption.

(b) |250, 000. 00 shall be invested in United States Certifi-
cates of Deposit with the First National Bank of Cumber-
land, Maryland.