J. MILLARD TAWES, Governor                      395

poses is necessary, setting forth the approximate amount of each
expenditure and the specific use to be made of it, and the County
Commissioners shall account for said money and the expenditures
thereof in the same manner as it accounts for other moneys passing
through its hands.

Sec. 5. And be it further enacted, That for the purpose of paying
the maturing principal of and interest on any bonds issued pursuant
to the authority of this Act, and for the purpose of redeeming said
bonds prior to their respective maturities, the County Commissioners
of Cecil County shall levy annually upon all property within the
corporate limits of said County, assessable for unlimited taxation, ad
valorem taxes in rate and amount sufficient to provide for said pur-
poses. In the event any such issue of bonds are sold as term bonds,
payable all at one time, said County Commissioners of Cecil County
shall, by the resolution authorizing said bonds, establish a sinking
fund in the custody and control of the County Treasurer, and there-
after said County shall annually levy the ad valorem taxes above
prescribed in rate and amount sufficient to pay the interest on said
bonds, due in each year, and sufficient to pay into such sinking fund
annual deposits which, together with any earnings of such sinking
fund or increments thereon, will be sufficient to provide for the pay-
ment in full of the principal of said term bonds at maturity.

Sec. 6. And be it further enacted, That this Act shall take effect
July 1, 1963.

Approved March 29, 1963.

CHAPTER 222
(House Bill 537)

AN ACT to add new Section 40 (c) to Article 2B of the Annotated
Code of Maryland (1957 Edition), title "Alcoholic Beverages,"
subtitle "General Provisions on Issue of Licenses," to follow im-
mediately after Section 40 (b) thereof, to require a certain per-
centage of the holders of capital stock of a corporation or partner-
ship applying for a Class A beer, wine and liquor license in Queen
Anne's County to be residents of the county.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 40(c) be and it is hereby added to Article 2B of
the Annotated Code of Maryland (1957 Edition), title "Alcoholic
Beverages," subtitle "General Provisions on Issue of Licenses," to
follow immediately after Section 40 (b) thereof, and to read as fol-
lows:

40(c).

In Queen Anne's County, no Beer, Wine and Liquor License, Class A
(off sale) shall be issued to an individual for the use of a partner-
ship or corporation unless the owners of seventy-five per centum
(75%) of the total issued capital stock of said corporation are bona
fide residents of Queen Anne's County, and have been bona fide