910 LAWS OF MARYLAND. [CH. 367

money which shall not in the aggregate at any time exceed
the following limitations respectively:

(1) For road and street improvements authorized under
Section 103 hereof not to exceed 5 per cent of the assessed
valuation of all property in said Chevy Chase—Section 4;

(2) For other improvements including fire protection and
equipment not to exceed 2 per cent of said assessed valuation,
this limitation to be exclusive of the aforesaid limitation for
road and street improvements;

and the Citizens Committee of Chevy Chase—Section 4,
Maryland, is authorized and empowered to issue bonds, notes
or certificates of indebtedness for such improvements in the
manner and subject to the conditions hereinafter provided;
and for these purposes said Chevy Chase—Section 4,
Maryland, is exercising its corporate power and the
said Citizens Committee of said Chevy Chase—Section 4 is
empowered to act for said corporation without in any way
being held individually or personally liable in connection
therewith.

(b) Such bonds, notes or certificates of indebtedness shall
be payable (1) in the case of road and street improvements
within not more than six years after the date of issuance and
(2) in the case of the other improvements specified within
not more than ten years after the date of issuance, shall bear
interest not to exceed the rate of 6 per cent per annum pay-
able annually or semi-annually, shall be in such form as may
be prescribed by said Citizens Committee of Chevy Chase—
Section 4, shall be signed by the Chairman and Secretary-
Treasurer of said Committee and shall be free from all state,
county and local taxation. Such bonds or other obligations
shall be sold or negotiated by said Citizens Committee for the
best price obtainable after public advertisement, but shall not
be sold or negotiated for less than their par value with
accrued interest and the proceeds thereof shall be paid over
to the Secretary-Treasurer of said Chevy Chase—Section 4,
who is charged with the custody of any moneys received from
the issue or sale of such bonds, notes or certificates of in-
debtedness and with the receipt and safekeeping of the
moneys arising from assessments for road and street improve-
ments as provided in Section 103 hereof, which said funds
shall be kept as a separate account and fund and shall be
used to pay for the cost of the improvements for which they
were respectively collected or to liquidate the bonds, notes or
certificates of indebtedness issued therefor, as shall be di-
rected by said Citizens Committee of Chevy Chase—Section 4.
Such bonds, notes or certificates when paid, shall be cancelled