458 LAWS OF MARYLAND [CH. 253

ately after Section 150 of said Article, and to read as
follows:

150A. (a) The Town Commissioners of Indian Head are
hereby authorized and empowered to borrow at such time
or times as they may decide, upon the faith and credit of
said town, a sum or sums of money not to exceed Thirty
Thousand Dollars ($30, 000. 00) at a rate of interest not to
exceed four per cent (4%) per annum, for the purpose of
extending, improving, constructing and repairing the water
and sewer system of said town, the particular purpose or
purposes to be determined by said Town Commissioners.

(b) The said Town Commissioners are hereby authorized
to borrow, under the provisions of this Act, from such
bank, banker or trust company, or from any other source,
as they shall from time to time select. The said Town Com-
missioners are authorized to execute and deliver negotiable
promissory notes, -certificates of indebtedness, or bonds of
the Town Commissioners of Indian Head, to be signed by
the Chairman of said Town Commissioners, with the seal
of the said town affixed thereto, in such denomination or
denominations, payable at such place, and at such date or
dates as the said Town 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
town 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 Thirty Thou-
sand Dollars ($30, 000. 00). The said notes, certificates of
indebtedness and/or bonds shall bear interest at such rate
or rates, not exceeding four per cent (4%) per annum, as
shall be provided by resolution of the 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 Chairman of the Town Commis-
sioners. If bonds are issued the provisions of Sections 35
and 36 of Article 31 of the Annotated Code of Maryland
(1951 Edition) shall be complied with. Said Town Com-
missioners 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 Four per cent
(4%) 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 municipal taxa-
tion.