500                             LAWS OF MARYLAND                      [CH. 238

rates of said bonds or the manner of determining the same, provided
the rate or rates of interest shall not exceed four per centum (4%)
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 Commis-
sioners 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 principal.

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
Article 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 County Board of Education for Charles County for the pur-
poses 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 any bonds issued hereunder, as they
mature, the County Commissioners of Charles County are hereby
authorized to provide by proper resolution for the pledging of all
monies, or so much thereof as may be necessary, received from the
State of Maryland under the provisions of Section 222 of Article 77
of the Annotated Code of Maryland (1965 Replacement Volume),
and any amendments thereto, providing for an Incentive Fund
for school building, insofar as said Fund may not have already been
pledged. In the event said funds are so pledged and are insufficient
in any one year to pay said principal and interest, any such deficiency
shall be made up under the full taxing power hereinafter provided
for in this section. For the purpose of paying the principal and in-
terest on said bonds, or so much thereof as may not be provided for
by said Incentive Fund if so pledged, 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 bonds maturing in said year, the proceeds of said tax to be kept
in a special fund and in no case to be used for any other purpose. In
case such bonds shall be issued in any year after the making of the
regular levy for that year, then the County Commissioners of Charles
County are empowered, authorized and directed to pay any and all
interest becoming due before the next levy, out of any other funds at
their disposal, and to levy at the next succeeding levy an amount
sufficient to reimburse such other funds.