J. MILLARD TAWES, Governor                     1555

offered for record and recorded in said County, provided that convey-
ances to the State or any agency thereof or any political subdivision of
the State, shall not be subject to the tax imposed by this section. The
term "Instrument of Writing" shall include deeds, mortgages, deeds
of trust, leases, contracts and agreements, but shall not include pur-
chase money mortgages, purchase money [deed] deeds of trust, as-
signments of mortgages or releases, provided, however, upon any re-
financing of property, by the original mortgagor or mortgagors the
tax shall apply only to the consideration over and above the amount
of the original mortgage or deed of trust.

LEASE FOR TERM OF YEARS. In the case of a lease for a term
of years, not perpetually renewable, and recorded after the effective
date of this Act, the tax herein provided for shall be computed and be
based upon the capitalization at 10% of the average annual rent
over the entire term of the lease, including any renewable term, plus
the actual consideration other than rent paid or to be paid. Where
the average annual rental cannot be determined or accurately esti-
mated from the terms contained in the lease for payment thereof, the
tax shall be based upon two times the assessed value of the property
described in the lease.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved May 4, 1965.

CHAPTER 909
(House Bill 640)

AN ACT to authorize and empower the County Commissioners of
Frederick County, from time to time, to borrow not exceeding Five
Million Dollars ($5,000,000.00) in order to finance the construc-
tion, acquisition, improvement or extension of public schools in
said County, as herein defined, and to effect such borrowing by the
issuance and sale to the highest bidder or bidders at public sale
of its general obligation, serial maturity coupon bonds in like par
amount; empowering said County to fix and determine, by resolu-
tion, the form, tenor, interest rate or method of arriving at the
same, terms, including redemption and registration provisions,
conditions, maturities and all other details incident or necessary
to the issuance, public sale and delivery of said bonds, without
reference to the provisions of Sections 9, 10, and 11 of Article 31
of the Code of Public General Laws of Maryland; prescribing the
method and manner of selling said bonds at public sale; empower-
ing said County, subject to certain limitations, to sell said bonds at,
above or below the par value thereof; empowering said County to
refund any of said bonds purchased or redeemed in advance of
maturity; empowering and directing said County to apply to the
payment of principal and interest of said bonds and said refunding
bonds any funds received from the State of Maryland and the
United States of America, which may be properly allocable to said
purpose; empowering and directing said County to contract to