J. MILLARD TAWES, GOVERNOR 207

making the grant; to encourage and assist in the location of new
business and industry in said county and to rehabilitate existing
businesses and industries; to stimulate and assist in the expansion
of all kinds of business activity which will tend to promote the busi-
ness development and maintain the economic stability of said county;
to provide maximum opportunities for employment; to cooperate
and act in conjunction with other organizations; public or private,
the objects of which are the promotion and advancement of indus-
trial development in said county; to furnish money and credit to
approved and deserving applicants, for the promotion, development
or conduct of all kinds of business and industrial activity in said
county when and to the extent that such money and credit is not
otherwise readily available therefor.

2 (a). If any county shall so provide in the ordinance or resolution,
declaring a state of acute unemployment to exist, such county shall
be deemed to be authorized and empowered, from time to time, to
issue and sell bonds or other certificates of indebtedness in connec-
tion with the borrowing by it upon its full faith and credit of the
sums necessary to make the grants authorized by Section 1 hereof;
provided, however, that the total amount of bonds or other certifi-
cates of indebtedness which may be issued and outstanding at any
one time shall not exceed an amount which is equal to two-tenths
of one percent (. 2%) of the total assessed valuation of all property
within such county subject to taxation at the full county tax rate.

(b) The bonds hereby authorized to be issued shall be known as
"Industrial Development Bonds" and shall bear interest at a rate not
exceeding five and one-half percent (5 1/2%), payable semi-annually
and shall mature serially over a period of thirty years, the amount of
maturities to be fixed by the governing body of such county. Said
bonds shall be the general obligation of the county issuing the same
and shall be exempt, both as to principal and interest, from all forms
of taxation imposed by the State, county, or municipal authorities
within the State of Maryland. The form of the bonds shall be such
as may be adopted or prescribed by the governing body of the county
issuing the same. Any certificates of indebtedness, other than bonds
authorized hereby, shall bear interest at such rate as may be deter-
mined by the governing body of the county issuing the same and
shall mature at such time, or times, not exceeding five years, as may
be specified by the governing body of such county. Such certificates
of indebtedness shall be the general obligations of the county issuing
the same and shall be exempt from taxation to the same extent as
the bonds authorized hereby. It shall be no defense to a suit for
collection of the principal of any bond or other certificate of indebted-
ness, or for any interest accrued thereon, that an acute unemploy-
ment state did not in fact exist as declared in the resolution or ordi-
nance of the county issuing such bond or certificate of indebtedness,
nor shall it be any defense to any such suit that the amount of bonds
or other certificates of indebtedness which may be issued and out-
standing at any one time shall in fact exceed two-tenths of one per-
centum (. 2%) of the total assessed value of all property within such
county subject to taxation at the full county tax rate.

(c) The governing body of any county which shall have issued
bonds or other certificates of Indebtedness as provided herein shall
levy annually at the time taxes are levied for general county pur-