204 LAWS OF MARYLAND [CH. 73

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ALL SUCH NOTES SHALL BE SIGNED, ENDORSED
OR GUARANTEED IN THE SAME MANNER AS SHALL BE
PROVIDED BY LAW FOR THE BONDS IN ANTICIPATION OF
WHICH SAID NOTES ARE ISSUED, AND NO SUCH NOTES
SHALL BE ISSUED HEREUNDER UNLESS SO SIGNED, EN-
DORSED OR GUARANTEED.

(b) No such bond anticipation notes shall be issued and sold
hereunder unless said political sub-division shall, by the resolution
or ordinance authorizing said notes, covenant to pay the same and
the interest thereon from the proceeds of the bonds in anticipation
of the sale of which said notes are issued and shall further covenant
to issue said bonds when, and as soon as, the reason for deferring
the issuance thereof no longer exists.

(c) The maximum amount of such bond anticipation notes of
any such political sub-division shall not exceed in any case the max-
imum amount of bonds for the issuance of which said political sub-
division has authority at the time said notes are issued.

(d) Bond anticipation notes issued under the provisions of this
section shall pass as negotiable instruments and possess all the at-
tributes thereof to the extent set forth in Section 8 of this Article
entitled "Negotiability of Public Indebtedness".

(e) Bond anticipation notes sold under the provisions of this sec-
tion shall not be subject to the provisions of Section 10 hereof en-
titled "Method of Advertising and Offering for Sale", nor the provi-
sions of Section 11 hereof entitled "Method and Time of Maturing
Bonds".

(f) In the event any official whose signature shall appear on any
such notes shall cease to be such official prior to the delivery of such
notes, or in the event any such official whose signature shall appear on
any such notes shall have become such after the date of issue thereof,
said notes shall nevertheless be valid and binding obligations of any
such political sub-division in accordance with their terms.

(g) Any bond anticipation notes issued under the authority
hereof, and any bonds thereafter issued from the proceeds of which
said notes are to be paid, together with the interest on said obliga-
tions, shall be and remain exempt from taxation of any kind and
nature whatsoever by the State of Maryland and by any county,
municipal corporation or other political sub-division thereof.

SEC. 2. And be it further enacted, That this Act is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety, and having been passed
by a yea and nay vote, supported by three-fifths of all the members
elected to each of the two houses of the General Assembly of Mary-
land, the same shall take effect from the date of its passage.

Approved March 23, 1960.