778                             LAWS OF MARYLAND                     [CH. 564

time to time, on the faith and credit of said County, a sum or sums
not exceeding in the aggregate one hundred thousand dollars ($100,-
000.00) and to issue and sell bonds therefor, the proceeds thereof to
be used for the purpose of and for the acquisition of land or con-
struction of parks and recreation facilities and improvements, or
both, for the purposes of the parks and recreation program of Charles
County under the jurisdiction of the Charles County Board of Parks
and Recreation, including the acquisition of land under the Patuxent
River Watershed Act of 1961 as a part of the parks and recreation
program of Charles County, and to pay all expenses, including ad-
vertising, printing, and legal fees, incurred in the issuance and sale
of any bonds hereunder, the said amount so borrowed to be used for
no other purpose whatsoever.

Sec. 2. And be it further enacted, That said County Commis-
sioners shall by proper resolution fix the maturity or maturities of
any such bonds, provided, however, that no bonds so issued shall
mature later than twenty years from the date of their issue, and
provided further that any such bonds shall be issued on the serial
maturity plan; such resolution may fix the denomination or denomi-
nations in which said bonds shall be issued, the interest rate or rates
of said bonds or the manner of determining the same, provided the
rate or rates of interest shall not exceed five per centum (5%) per
annum, the manner and place of payment, the date, place and terms
of the sale of the bonds, and all details not herein otherwise provided
for with respect to the form, issuance and sale thereof; said bonds
shall be signed by the President of the County Commissioners and
by the Treasurer of Charles County, and the seal of said County shall
be affixed thereto. Said bonds may be made registrable as to prin-
cipal.

Sec. 3. And be it further enacted, That any bonds issued here-
under may be sold, in the discretion of the County Commissioners, at
public or private sale, provided that no bonds shall be sold at less
than par; that any bonds sold under the authority hereby conferred
shall be exempted from the provisions of Sections 10 and 11 of Ar-
ticle 31 of the Annotated Code of Maryland (1957 Edition), and
said bonds and the coupons attached thereto and the interest payable
thereon shall be and remain forever exempt from State, County and
Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale
of said bonds shall be paid to the Treasurer of Charles County and
shall be placed in a special fund by the County Treasurer, and shall
be paid out by him only on warrants from the County Commissioners,
which warrants shall be issued only upon proper vouchers presented
by the Board of Parks and Recreation for the purposes mentioned
in Section 1 of this Act.

Sec. 5. And be it further enacted, That for the purpose of paying
the principal and interest on said bonds, the County Commissioners
of Charles County are hereby authorized, empowered and directed
to levy in each year so long as any of said bonds are outstanding and
unpaid, an ad valorem tax on all property subject to taxation within
Charles County, sufficient in rate and amount to pay the interest
payable in said year on all outstanding bonds and the principal of all