1116                             Laws of Maryland                       [Ch. 661

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 denomi-
nations 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 five per centum (5%) 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 pro-
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 as
amended from time to time), 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, for the purposes mentioned in Section 1 of this Act.

Sec. 5. And be it further enacted, For the purpose of paying the
principal and interest on said bonds, 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 pay-
able 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. THE COUNTY COMMIS-
SIONERS OF CHARLES COUNTY ARE HEREBY AUTHOR-
IZED, EMPOWERED AND DIRECTED TO APPLY TO THE PAY-
MENT OF THE PRINCIPAL AND INTEREST OF THE BONDS
PROVIDED FOR BY THIS ACT WHATEVER SUM OF MONEY
IS DUE TO OR PAID OVER TO CHARLES COUNTY PURSUANT
TO THE PROVISIONS OF SECTION 81 OF ARTICLE (56% OF
THE ANNOTATED CODE OF MARYLAND (1957 EDITION), AS
AMENDED FROM TIME TO TIME, TO THE EXTENT THAT
SUCH MONEY IS NOT APPLIED FOR ANY OTHER USE.