WM. PRESTON LANE, JR., GOVERNOR. 957

missioners of Kent County, to be signed by the President of
said County Commissioners and the Treasurer of Kent
County, with the seal of the said County affixed thereto, in
such denomination or denominations, payable at such place
and at such date or dates as the said County Commissioners
shall by resolution provide and/or to issue and sell said
notes, certificates of indebtedness, or bonds upon the faith
and credit of the County in such amount or amounts as said
Commissioners shall determine, but the total amount of such
notes or bonds issued under this Act shall not exceed Five
Hundred Thousand Dollars ($500, 000).

The said notes, certificates of indebtedness and/or bonds
shall bear interest at such rate or rates, 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 Kent County. If bonds are issued, the
provisions of Sections 35 and 36 of Article 31 of the Anno-
tated Code of Maryland (1939 Edition) as amended from
time to time, shall be complied with. Said County Commis-
sioners are authorized to borrow under the provisions of this
Act by selling the negotiable promissory notes, certificates
of indebtedness and/or bonds herein authorized, at a dis-
count less than the principal amount thereof. 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 munici-
pal taxation.

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
Building Committee of Kent County (created by Chapter 292
of the Acts of 1947), for the purposes! specified in this Act.

SEC. 4. And be it further enacted, That for the purpose of
paying the interest on said notes and/or bonds and for re-
deeming said notes and/or bonds as they mature, the County
Commissioners of Kent County shall apply all monies, over
$12, 000 per year or so much thereof over $12, 000 per year as
may be necessary, received from the State of Maryland un-
der the provisions of said Section 199C of Article 77 of the
Annotated Code of Maryland (1947 Supplement), as said
section may be amended from time to time, providing for an
Incentive Fund for school building. In the event the amount