J. MILLARD TAWES, Governor                      311

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 the 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,
certificates of indebtedness, promissory notes or other evidences of
indebtedness 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,
empowered 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.

Sec. 9. And be it further enacted, That this Act shall take effect
June 1, 1965.

Approved April 8, 1965.

CHAPTER 287
(House Bill 760)

AN ACT to repeal and re-enact, with amendments, Section 123A of
the Code of Public Local Laws of Kent County (1959 Edition,
being Article 15 of the Code of Public Local Laws of Maryland),
title "Kent County," subtitle "County Commissioners," as last
amended by Chapter 873 of the Acts of 1963, to authorize the