J. MILLARD TAWES, Governor                      425

annum. The resolution or resolutions authorizing the issue of all or
any such bonds shall also fix the date or dates of issue thereof and the
terms and place for payment of maturing principal and interest.

Sec. 3. And be it further enacted, That such bonds when issued
shall be signed by the Chairman of the Board of County Commis-
sioners and the corporate seal of the County Commissioners shall be
attached thereto by the clerk of said County Commissioners and the
interest coupons attached to each of said bonds shall bear the facsimile
signature of the Chairman of the Board of County Commissioners,
printed, lithographed or engraved thereon.

Sec. 4. And be it further enacted, That any bonds authorized by
this Act shall be sold in the manner prescribed in Sections 10 and 11
of Article 31 of the Code of Public General Laws of Maryland, 1957
Edition, and amendments thereto.

Sec. 5. And be it further enacted, That the proceeds from the sale
or sales of any of said bonds shall, after the payment of the cost of
engraving or printing said bonds and other incidental costs and
expenses with reference to the issuance of such bonds, be paid over to
the Treasurer of Howard County and by him credited to the Board of
Education of Howard County to be held in a separate account, subject
to the order of said Board of Education, and to be spent only as
provided in Section 1 of this Act.

Sec. 6. And be it further enacted, That until all of the bonds, certifi-
cates of indebtedness, promissory notes or other evidences of indebted-
ness issued under this Act have matured and been redeemed, the
County Commissioners of Howard County shall annually levy a tax
upon the assessable property of the County sufficient to pay the
interest on the bonds outstanding and the principal of bonds maturing
during the succeeding year.

Sec. 7. And be it further enacted, That for the purpose, of paying
the interest on such bonds as may be issued under the provisions of
this Act and redeeming them as they mature, the County Commis-
sioners of Howard County shall include in the levy for the year after
their issuance and each year thereafter until they mature and have
been redeemed, an amount which together with any so-called "Build-
ing Incentive Fund" shall be sufficient to pay the annual interest on
the bonds and to redeem them as they mature, provided, however, that
the said Board of County Commissioners are hereby authorized, em-
powered and directed first to use any monies received by it or by the
said Board of Education of Howard County under and by virtue of
the provisions of the so-called "Building Incentive Fund" for public
school buildings as made or as may be made available by law, to pay
the interest on and to redeem said bonds as they mature.

Sec. 8. And be it further enacted, That all bonds issued pursuant
to the authority of this Act, and the interest thereon, and the income
derived therefrom, in the hands of the holders thereof from time to
time, shall be and are hereby declared to be exempt from State, County
and municipal taxation of every kind and nature whatsoever in the
State of Maryland.