WM. PRESTON LANE, JR., GOVERNOR. 35

hands of the holders thereof from time to time shall be and
is hereby declared to be exempt from State, county and
municipal taxation of every kind and nature whatsoever in
the State of Maryland,

SEC. 6. And be It further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety, and
having been passed by a yea and nay vote, supported by three-
fifths of all of the members elected to each of the two Houses
of the General Assembly of Maryland, the same shall take
effect from the date of its passage.

Approved March 4, 1949.

CHAPTER 28
(House Bill 162)

AN ACT to authorize and empower the Mayor and City
Council of Laurel, Prince George's County, to borrow upon
the faith and credit of the Town of Laurel an amount 'not
to exceed Sixty Thousand Dollars ($60, 000. 00) at a rate
of interest not exceeding 6% and to issue its bonds, notes
or other certificates of indebtedness therefor for the pur-
pose of construction of roadbed and street improvements
or to pay obligations already incurred for such purposes
including the necessary expenses incident thereto, and to
levy municipal taxes to pay the principal and interest of
such indebtedness.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Laurel, a Muni-
cipal Corporation of the State of Maryland in Prince
George's County, be and it is hereby authorized and em-
powered to borrow on the faith and credit of said town an
amount not to exceed Sixty Thousand Dollars ($60, 000. 00)
and to issue its bonds, notes or other certificates of indebted-
ness therefor for the purpose of construction of roadbed and
street improvements or to pay outstanding obligations al-
ready incurred for such purposes, including the necessary
expenses incident thereto, the said amount so borrowed to
be used for no other purpose whatsoever.

SEC. 2. And tie it further enacted, That the said bonds,
notes, or other certificates of indebtedness shall be issued
at one time, or from time to time, and in such denominations
as shall be determined by the said Mayor and City Council,