1434                           LAWS OF MARYLAND                      [CH. 690

of said bonds and the interest payable thereon shall be and remain
exempt from taxation by the State of Maryland and by the counties
and municipalities of said State; provided further that if any such
bonds shall be sold the provisions of Article 31, Sections 33 and 34,
of the Annotated Code of Maryland (1951 Edition, as amended from
time to time) SECTIONS 10 AND 11 OF THE ANNOTATED CODE
OF MARYLAND (1957 EDITION) shall be complied with.

Sec. 2. And be it further enacted, That the proceeds of such notes
and/or of the proceeds from the sale of such bonds shall be placed into
a "Special Fund" by the County Treasurer and shall be paid out by
him only on warrants from the County Commissioners of Washington
County for such expenditures as it shall deem to be proper, in the
sole discretion of said Commissioners for constructing new schools
in Washington County, for repairs, improvements and additions to
existing school facilities in said County, to purchase land therefor
and equip such schools, and to pay architectural and other professional
fees in connection with such construction, repairs and improvements.

Sec. 3. And be it further enacted, That all of the funds that the

County Commissioners are authorized to borrow by this Act shall be
borrowed and expended prior to December 31, 1967.

SEC. 3. AND BE IT FURTHER ENACTED, THAT THE
AUTHORITY TO BORROW MONEY CONFERRED ON THE
COUNTY COMMISSIONERS BY WASHINGTON COUNTY BY
THIS ACT, TO THE EXTENT NOT EXERCISED, SHALL EX-
PIRE ON DECEMBER 31, 1967.

Sec. 4. And be it further enacted, That all interest accumulated on
invested funds borrowed under the authority of this Act shall be
paid into the "Special School Fund" created by Section 2 hereof and
not into the general funds of the County. EITHER INTO THE SPE-
CIAL SCHOOL FUND CREATED BY SECTION 2 HEREOF OR
TO OR FOR THE PAYMENT OF THE MATURING PRINCIPLE
AND INTEREST ON THE BONDS HEREBY AUTHORIZED, AS
PROVIDED IN SECTION 22 OF ARTICLE 95 OF THE ANNO-
TATED CODE OF MARYLAND (1957 EDITION), PROVIDED
THAT UNDER NO CIRCUMSTANCES SHALL ANY SUCH AC-
CUMULATED INTEREST BE CREDITED BY THE COUNTY TO
ITS GENERAL FUND AND APPLIED TO ANY PURPOSE
OTHER THAN AS PROVIDED IN SAID SECTION 22.

Sec. 5. And be it further enacted, That all bonds issued under the
authority of this Act shall be exempt from taxation by the State of
Maryland and by the counties and municipalities of said State.

Sec. 6. And be it further enacted, That for the purpose of paying
the interest on said notes and/or bonds and for redeeming said notes
and/or bonds as they mature, the County Commissioners of Washing-
ton County shall annually levy such tax upon the assessable property
of said county as may be necessary 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 have matured
and been redeemed. The taxes so levied shall be collected in the same
manner as other taxes are levied and collected in said County.