Theodore R. McKeldin, Governor                  1167

pay all expenses, including advertising, printing, and legal fees, in-
curred in the issuance and sale of any bonds hereunder, the said
amount so borrowed to be used for no other purpose whatsoever.

Sec. 2. And be it further enacted, That said County Commission-
ers shall by proper resolution fix the maturity or maturities of any
such bonds, provided, however, that no bonds so issued shall mature
later than twenty years from the date of their issue, and provided
further that any such bonds shall be issued on the serial maturity
plan; such resolution may fix the denomination or denominations in
which said bonds shall be issued, the interest rate or rates of said
bonds or the manner of determining the same, provided the rate or
rates of interest shall not exceed four per centum (4%) per annum,
the manner and place of payment, the date, place and terms of the
sale of the bonds, and all details not herein otherwise provided for
with respect to the form, issuance and sale thereof: said bonds shall
be signed by the President of the County Commissioners and by the
Treasurer of Charles County, and the seal of said County shall be
affixed thereto. Said bonds may be made registerable as to principal.

Sec. 3. And be it further enacted, That any bonds issued here-
under 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 exempted 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 forever exempt from State, County and
Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale
of said bonds shall be paid to the Treasurer of Charles 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 warrants shall be issued only upon proper vouchers presented
by the Board of Education of Charles County for the purposes men-
tioned in Section 1 of this Act.

Sec. 5. And be it further enacted. That for the purpose of paying
the principal and interest on any bonds issued hereunder, as they
mature, the County Commissioners of Charles County are hereby
authorized to provide 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 amend-
ments 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 provided 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 Charles
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 taxation within Charles
County, sufficient in rate and amount to pay the interest payable