1096                            LAWS OF MARYLAND                      [CH. 618

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEM-
BLY OF MARYLAND, THAT THE COUNTY COMMISSIONERS
OF TALBOT COUNTY, A MUNICIPAL CORPORATION, IS
HEREBY AUTHORIZED AND EMPOWERED TO FINANCE THE
CONSTRUCTION, TO THE EXTENT OF ONE-HALF THE COSTS
THEREOF (IN CONCERT WITH THE MAYOR AND COUNCIL
OF EASTON, MARYLAND), ON LAND KNOWN AS THE AIR-
PORT FARM, NEAR EASTON, MARYLAND, OWNED JOINTLY
BY THE SAID COUNTY AND THE MAYOR AND COUNCIL OF
EASTON, MARYLAND, A FACTORY OR PLANT, TOGETHER
WITH RELATED OFFICES, FOR USE AND OCCUPANCY FOR
AN INDUSTRIAL OR COMMERCIAL PLANT OR PLANTS. IN
ORDER TO MAKE SUCH FINANCING POSSIBLE, THE COUNTY
IS HEREBY GRANTED THE POWER AND AUTHORITY TO
BORROW MONEY FOR SUCH PURPOSE, IN AN AMOUNT NOT
EXCEEDING THE SUM OF ONE HUNDRED AND TWENTY-
FIVE THOUSAND DOLLARS ($125,000.00), AND TO EVIDENCE
SUCH BORROWING BY ISSUING A PROMISSORY NOTE TO
BEAR INTEREST AT THE RATE OF THREE AND ONE-HALF
(3½) PER CENTUM PER ANNUM, ON THE UNPAID PRIN-
CIPAL BALANCE, AND TO BE REPAID IN TWO HUNDRED
AND SEVENTY-FIVE (275) CONSECUTIVE MONTHLY IN-
STALLMENTS OF PRINCIPAL AND INTEREST, IN THE
AMOUNT OF $660.02, AND A FINAL CONSECUTIVE MONTHLY
INSTALLMENT IN THE AMOUNT OF $657.26, THE FIRST IN-
STALLMENT TO BE DUE AND PAYABLE ON MAY 15, 1966,
AND THE FINAL INSTALLMENT, IF NOT SOONER PAID, TO
BE DUE AND PAYABLE ON APRIL 15, 1989; SAID NOTE TO
PROVIDE THAT THE COUNTY SHALL HAVE THE RIGHT TO
REPAY THE PRINCIPAL INDEBTEDNESS THEREOF, AT ANY
TIME, IN WHOLE OR IN PART, WITHOUT PREMIUM OR FEE,
PROVIDED ANY PREPAYMENT IN PART SHALL BE IN AN
AMOUNT IN ACCORD WITH AND NOT INCONSISTENT WITH
THE MONTHLY INSTALLMENT SCHEDULE HEREIN ABOVE
SET FORTH.

SECTION 2. AND BE IT FURTHER ENACTED, THAT THE
NOTE HEREBY AUTHORIZED SHALL CONSTITUTE AND IT
SHALL SO RECITE, AN IRREVOCABLE PLEDGE OF THE
FULL FAITH AND CREDIT AND THE UNLIMITED TAXING
POWER OF THE COUNTY TO THE PAYMENT OF THE PRIN-
CIPAL AND INTEREST OF SUCH NOTE, AT THE TIME,
PLACE, MANNER AND IN THE INSTALLMENTS PROVIDED
THEREIN.

Sec. 7 3. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate
preservation of the public welfare, and having been passed by an aye
YEA and nay vote obtained from three-fifths of the members elected
to each of the two houses of the General Assembly, the same shall
take effect from the date of its passage.

Approved May 6, 1966.