532                              Laws OF Maryland                       [Ch. 399

_# Sec. 2. And be it further enacted, That the said County Commis-
sioners are hereby authorized to borrow, under the provisions of this
Act, from such bank, banker or trust company, or from any other
source, as they shall from time to time select. The said County Com-
missioners are authorized to execute and deliver negotiable promis-
sory notes, certificates of indebtedness, or bonds of the County Com-
missioners of Harford County, to be signed by the President of said
County Commissioners and the Treasurer or Deputy Treasurer of
Harford County, with the seal of the said County affixed thereto, in
such denomination or denominations, payable at such place and at
such date or dates as the said County Commissioners shall by resolu-
tion provide and/or to issue and sell said notes, certificates of indebt-
edness, or bonds upon the faith and credit of the County in such
amount or amounts as said Commissioners shall determine, but the
total amount of such notes and bonds issued under this Act shall not
exceed Three Million Five Hundred Thousand Dollars ($3,500,000).
The said notes, certificates of indebtedness and/or bonds shall bear
interest at such rate or rates, not exceeding 5% per annum, as shall
be provided by resolution of the County Commissioners, and in the
event of issuance of bonds to be evidenced by semi-annual coupons
attached to said bonds and bearing the facsimile signature of the
Treasurer of Harford County. If bonds are issued, the provisions of
Sections 9 to 12, inclusive, of Article 31 of the Annotated Code of
Maryland (1957 Edition, as amended from time to time), shall be
complied with. Said County Commissioners are authorized to bor-
row under the provisions of this Act by selling the negotiable prom-
issory notes, certificates of indebtedness and/or bonds herein author-
ized, at a discount less than the principal amount thereof, provided
that such discount shall not exceed 5% per annum on the principal
of said 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 munic-
ipal taxation.

Sec. 3. And be it further enacted, That the proceeds derived
from said loan shall be placed in a special fund by the County Treas-
urer, and shall be paid out by him only on warrants from the County
Commissioners, which warrants shall be issued only upon proper
vouchers presented by the Board of Education of Harford County
for the erection and equipment of new school buildings and for
additions to and equipment of existing school buildings in said
County.

Sec. 4. And be it further enacted, That for the purpose of pay-
ing the interest on said notes and/or bonds and for redeeming said
notes and/or bonds as they mature, the County Commissioners of
Harford County shall annually levy a tax upon the assessable prop-
erty of said County sufficient to pay the annual interest on said
notes and/or bonds and to redeem said notes and/or bonds as they
become due until all of said 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 said County.

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

June 1, 1961.

SEC. 5. AND BE IT FURTHER ENACTED, THAT THIS ACT
IS HEREBY DECLARED TO BE AN EMERGENCY MEASURE