154                             LAWS OF MARYLAND                      [CH. 114

years, all as the County Commissioners of Caroline County may by
resolution provide, and the proceeds of such sale or sales shall be spent
in accordance with the provisions hereof. The said borrowing and
every bond, coupon or other evidence thereof, and the interest pay-
able thereon, shall be and remain exempt from taxation by the State
of Maryland and by the counties and municipalities of said State.

Sec. 2. And be it further enacted, That said bonds shall be signed
by the President of said County Commissioners of Caroline County
and the Treasurer of Caroline County, with the seal of Caroline
County or a facsimile thereof affixed thereto. Said bonds shall be in
such denomination or denominations, payable at such place and on
such date or dates as the said County Commissioners shall by resolu-
tion provide. Said bonds shall be issued upon the full faith and credit
of Caroline County in such amount or amounts as said Commissioners
shall determine, except that the total amount of such bonds issued
under this Act shall not exceed One Million Five Hundred Thousand
Dollars ($1,500,000.00). The bonds shall bear interest at a net
average rate not in excess of five per centum (5%) per annum for the
entire issue, as shall be provided by resolution of said County Com-
missioners, and installments of interest may be evidenced by semi-
annual coupons attached to said bonds bearing the facsimile sig-
nature of the Treasurer of Caroline County. If such bonds are
issued, such issue and sale shall be subject to the provisions of
Sections 8 to 18, inclusive, of Article 31 of the Annotated Code of
Maryland (1957 Edition, as supplemented).

Sec. 3. And be it further enacted, That for the purpose of paying
the interest on said bonds, and for redeeming the same as they
mature and become payable, the County Commissioners of Caroline
County shall levy annually a tax upon the assessable property in said
Caroline County sufficient to pay the annual interest on said bonds
and to redeem the same as they become due, until all of said bonds
shall mature and be redeemed. The taxes so levied shall be collected
in the same manner as other taxes are levied and collected in said
county.

Sec. 4. And be it further enacted, That out of the actual cash
proceeds from the sale of any of said bonds shall be paid first the cost
of printing and other outlays and expenses and charges connected
with the issue of the same, and the entire balance of said actual cash
proceeds, together with any interest that may be received on the
same, shall be retained by the County Treasurer of Caroline County
until needed for the purposes as in this Act hereinbefore specified.

Sec. 5. And be it further enacted, That in the event that any of
the persons designated to sign said bonds be unable for any reason to
do so, the County Commissioners shall by resolution authorize the
execution thereof by some other member or officer, and such execu-
tion shall be valid and sufficient for all purposes as if the bonds had
been executed by the person or persons originally designated herein.
Should any person signing said bonds die or become incapacitated,
or should he cease to be an officer or a commissioner, before the
delivery of the bonds, such signature shall nevertheless be valid and
sufficient for all purposes and shall be equally effective to bind the