380                               Laws of Maryland                        [Ch. 299

visions 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 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 or Deputy
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 indebtedness, 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 $1,500,000. The said notes, certificates of
indebtedness and/or bonds shall bear interest at such rate or rates,
not exceeding 6% 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 Harford County.
If bonds are issue, the provisions of Sections 32, 33 and 34 of Article
31 of the Annotated Code of Maryland (1951 Edition), and amend-
ments thereto, shall be complied with. Said County Commissioners
are authorized to borrow under the provisions of this Act by selling
the negotiable promissory notes, certificates of indebtedness and/or
bonds herein authorized, at a discount less than the principal amount
thereof, provided that such discount shall not exceed 6% 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 municipal taxation.

Section 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 by the Board of Education of Harford
County for the erection and equipment of new school buildings and
for additions to and equipment of existing school buildings in said
County.

Section 4. And be it further enacted, That for the purpose of
paying the interest on said notes and/or bonds and for redeeming
said notes and/or bonds as they mature, the County Commissioners
of Harford County shall annually levy a tax upon the assessable
property of said County sufficient to pay the annual interest on said
notes and/or bonds and to redeem said notes and/or bonds as they
become due until all of said notes and/or bonds shall mature and be
redeemed. The taxes so levied shall be collected in the same manner
as other taxes are levied and collected in said County.

SECTION 5. And be it further enacted, That this Act shall take
effect on June 1, 1957.

Approved March 21, 1957.