708                              Laws of Maryland                       [Ch. 548

vided 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 10 and 11 of
Article 31 of the Annotated Code of Maryland (1957 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 Commis-
sioners, which warrants shall be issued only upon proper vouchers
presented by the Board of Education of Charles County for the pur-
poses mentioned in Section 1 of this Act.

Sec. 5. And be it further enacted, That for the purpose of pay-
ing 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 222 of Article 77
of the Annotated Code of Maryland (1957 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 in
said year on all outstanding bonds and the principal of all bonds
maturing in said year, the proceeds of said tax to be kept in a special
fund and in no case to be used for any other purpose. In case such
bonds shall be issued in any year after the making of the regular
levy for that year, then the County Commissioners of Charles County
are empowered, authorized and directed to pay any and all interest
becoming due before the next levy, out of any other funds at their
disposal, and to levy at the next succeeding levy an amount sufficient
to reimburse such other funds.

Sec. 6. And be it further enacted, That this Act shall take effect
June 1, 1959.

Approved April 28, 1959.