1202 LAWS OF MARYLAND [CH. 630

SEC. 4. And be it further enacted, That any bonds
issued hereunder may be sold, in the discretion of the
County Commissioners, at public or private sale, provided
that no bonds shall be sold at less than par; that any bonds
sold under the authority hereby conferred shall be ex-
empted from the provisions of Sections 33 and 34 of
Article 31 of the Annotated Code of Maryland (1951
Edition), and said bonds and the coupons attached thereto
and the interest payable thereon shall be and remain for-
ever exempt from State, County and Municipal taxation
in the State of Maryland.

SEC. 5. And be it further enacted, That the proceeds
of the sale of said bonds shall be paid to the Treasurer of
Calvert County and 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 war-
rants shall be issued only upon proper vouchers presented
by the Board of Education of Calvert County for the pur-
poses mentioned in Section 2 of this Act.

SEC. 6. And be it further enacted, That for the pur-
pose of paying the principal and interest on any bonds
issued hereunder, as they mature, the County Commis-
sioners of Calvert County are hereby authorized to pro-
vide by proper resolution for the pledging of all monies,
or so much thereof as may be necessary, received from
the State of Maryland under the provisions of Section 215
of Article 77 of the Annotated Code of Maryland (1951
Edition), and any amendments thereto, providing for an
Incentive Fund for school building, insofar as said Fund
may not have already been pledged. In the event said
funds are so pledged and are insufficient in any one year
to pay said principal and interest, any such deficiency shall
be made up under the full taxing power hereinafter pro-
vided for in this section. For the purpose of paying the
principal and interest on said bonds, or so much thereof
as may not be provided for by said Incentive Fund if so
pledged, the County Commissioners of Calvert County are
hereby authorized, empowered and directed to levy in each
year so long as any of said bonds are outstanding and
unpaid, an ad valorem tax on all property subject to taxa-
tion within Calvert County, sufficient in rate and amount
to pay the interest payable in said year on all outstanding
bonds and the principal of all bonds maturing in said
year, the proceeds of said tax to be kept in a special fund
and in no case to be used for any other purpose. In case
such bonds shall be issued in any year after the making
of the regular levy for that year, then the County Com-