260                               LAWS OF MARYLAND                        [CH. 179

sioners to repay the loan and interest thereon and providing that
said loan and every part thereof and the interest payable thereon
shall remain exempt from State, county and municipal taxation.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the Board of County Commissioners of Harford County be and
they are hereby authorized and empowered to borrow at such time
or times as they may decide upon the faith and credit of Harford
County a sum or sums of money not to exceed $150,000 at a rate
of interest not to exceed 5% per annum for the purpose of con-
structing, reconstructing, improving and equipping certain library
facilities in Harford County. Of such total sum, the amount of
$75,000 shall be applied to the central county library headquarters
in Bel Air, the sum of $37,500 shall be applied to the branch library
in Aberdeen and the sum of $37,500 shall be applied to the branch
library in Havre de Grace.

SEC. 2. And be it further enacted, That the said County Com-
missioners are hereby authorized to borrow, under the provisions of
this Act, from such bank, banker or trust company, or from any
source, as they shall from time to time select. The said County
Commissioners are authorized to execute and deliver negotiable
promissory notes, certificates of indebtedness, or bonds of the County
Commissioners of Harford County, to be signed by the President
of said County Commissioners and the Treasurer of Harford
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 indebted-
ness, 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 and bonds issued under this Act shall
not exceed $150,000. The said notes, certificates of indebtedness
and/or bonds shall bear interest at such rate or rates, not exceed-
ing 5 % per annum, as shall be provided by resolution of the County
Commissioners, and in the event of issuance of bonds to be evi-
denced by semi-annual coupons attached to said bonds and bearing
the facsimile signature of the Treasurer of Harford 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 com-
plied with. Said County Commissioners are authorized to borrow
under the provisions of this Act by selling the negotiable promis-
sory notes, certificates of indebtedness and/or bonds herein author-
ized, at a discount less than the principal amount thereof, provided
that such discount shall not exceed 5 % 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 presented to him for the purposes provided by
this Act.