1264 LAWS OF MARYLAND [CH. 647

and credit of the County in such amount or amounts as
said Commissioners shall determine, but the total amount
of such notes and bonds issued under this Act shall not
exceed One Hundred Fifty Thousand Dollars ($150, 000).

The said notes, certificates of indebtedness and/or bonds
shall bear interest at such rate or rates, not exceeding
three per cent. (3%) per annum, 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 Queen Anne's County. If
bonds are issued, the provisions of Sections 33 and 34 of
Article 31 of the Annotated Code of Maryland (1951
Edition), shall be complied with. Said County Commis-
sioners are authorized to borrow under the provisions of
this Act by selling the negotiable promissory notes, cer-
tificates of indebtedness and/or bonds herein authorized,
at a discount less than the principal amount thereof, pro-
vided that such discount shall not exceed three per cent.
(3%) per annum on the principal of said loan. 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 munic-
ipal taxation.

SEC. 3. And be it further enacted, That the proceeds
derived 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 pre-
sented by the Chief Engineer of Calvert County for the
purposes mentioned in Section 1 of this Act.

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