SPIRO T. AGNEW, Governor                      1257

for the purpose of the construction of a community college in Garrett
County, and to pay all expenses, including advertising, 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 what-
soever.

Sec. 2. And be it further enacted, That said County Commissioners
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 denominations 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
Garrett 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 Garrett 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 Trustees of the Garrett County Community College
for the purpose 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 Garrett 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 Garrett County, sufficient in
rate and amount to pay the interest payable in said year on all out-
standing 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 Garrett County are empowered, author-
ized 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.