1048                            LAWS OF MARYLAND                        CH. 553

the rate or rates of interest upon which their bids are based, and
said County Commissioners may provide that different rates of in-
terest may be named for different serial maturities of said bonds
or for different issues thereof; provided, however, that under no
circumstances shall any such rate or rates of interest exceed five
per centum (5%) per annum. The resolution or resolutions author-
izing the issue of all or any such bonds shall also fix the date or
dates of issue thereof and the terms and place for payment of ma-
turing principal and interest.

Sec. 3. And be it further enacted, That such bonds when issued
shall be signed by the Chairman of the Board of County Commis-
sioners and the corporate seal of the County Commissioners shall
be attached thereto by the clerk of said County Commissioners and
the interest coupons attached to each of said bonds shall bear the
facsimile signature of the Chairman of the Board of County Com-
missioners, printed, lithographed or engraved thereon.

Sec. 4. And be it further enacted, That any bonds authorized
by this Act shall be sold in the manner prescribed in Sections 10
and 11 of Article 31 of the Annotated Code of Maryland, 1957 Edi-
tion, and amendments thereto.

Sec. 5. And be it further enacted, That the proceeds from the
sale or sales of any of said bonds, shall, after the payment of the
cost of engraving or printing said bonds and other incidental costs
and expenses with reference to the issuance of such bonds, be paid
over to the Treasurer of Howard County to be held in a separate
account, subject to the order of the County Commissioners and to
be spent only as provided in Section 1 of this Act.

Sec. 6. And be it further enacted, That until all of the bonds,
certificates of indebtedness, promissory notes or other evidences of
indebtedness issued under this Act have matured and been re-
deemed, the County Commissioners of Howard County shall an-
nually levy a tax upon the assessable property of the County suf-
ficient to pay the interest on the bonds outstanding and the principal
of bonds maturing during the succeeding year.

Sec. 7. And be it further enacted, That for the purpose of pay-
ing the interest on such bonds as may be issued under the pro-
visions of this Act and redeeming them as they mature, the County
Commissioners of Howard County shall include in the levy for the
year after their issuance and each year thereafter until they mature
and have been redeemed, an amount which shall be sufficient to pay
the annual interest on the bonds and to redeem them as they mature,
provided, however, that the said Board of County Commissioners
are hereby authorized, empowered and directed first to use any
monies received by it to pay the interest on and to redeem said bonds
as they mature.

Sec. 8. And be it further enacted, That all bonds issued pur-
suant to the authority of this Act, and the interest thereon, and the
income derived therefrom, in the hands of the holders thereof from
time to time, shall be and are hereby declared to be exempt from
State, County and municipal taxation of every kind and nature
whatsoever in the State of Maryland.