1664                             Laws of Maryland                       [Ch. 899

Sec. 2. And be it further enacted, That the said Board of County
Commissioners is hereby authorized to borrow under the provisions
of this Act from such bank, banker or trust company or from any
other source as it may from time to time select. The said Board is
authorized to execute and deliver negotiable promissory notes, cer-
tificates of indebtedness or bonds of the County Commissioners of
Charles County to be signed by the Chairman of the Board with the
seal of the County affixed thereto in such denomination or denomina-
tions payable at such place and at such date or dates as the said Board
shall by resolution provide and/or to issue and sell said notes, certifi-
cates of indebtedness or bonds upon the faith and credit of Charles
County in such amount or amounts as the Board shall determine,
not in excess of a total amount of Two Hundred and Twenty-five
Thousand Dollars ($225,000.00). The said notes, certificates of in-
debtedness and/or bonds shall bear interest at such rate or rates not
exceeding five percentum (5%) per annum as shall be provided by
resolution of the Board, and in the event of the issuance of bonds to
be evidenced by semi-annual coupons attached to the bonds and bear-
ing the facsimile signature of the Chairman of the Board. After
bonds are issued, the provisions of Sections 9, 10, 11 and 12 of Article
31 of the Annotated Code of Maryland (1957 Edition as amended
from time to time) shall be complied with. The Board is 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 pro-
vided that such discount shall not exceed five percentum (5%) on
the principal of the 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.

Sec. 3. And be it further enacted, That for the purpose of paying
the interest on said notes and/or bonds and for redeeming the notes
and/or bonds as they mature, the Board of County Commissioners
of Charles County shall annually levy a tax upon the assessable prop-
erty of the county sufficient to pay the annual interest on said notes
and/or bonds and to redeem them as they become due until all the
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 the County.

Sec. 4. And be it further enacted, That the Board of County Com-
missioners of Charles County is hereby authorized and empowered to
do all acts and things necessary to issue and sell said bonds, to have
them registered as necessary and to issue negotiable promissory
notes and to do all things necessary to carry out the purposes of this
Act, even though the same may not be specifically mentioned herein
or in the laws applicable to the Board of County Commissioners.

Sec. 5. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved May 8, 1961.