SPIRO T. AGNEW, Governor                      1181

CHAPTER 608
(Senate Bill 668)

AN ACT to authorize and empower the County Commissioners of
Howard County to borrow upon the faith and credit of Howard
County the amount of Five Hundred Thousand Dollars ($500,000)
and to issue and sell bonds therefor for the purpose of Urban
Renewal of residences along Fels Lane in Howard County and
providing the County Commissioners in their full discretion the
further authority to seek Federal funds for the same.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Howard County be, and they
are hereby authorized and empowered, in their discretion, to issue
at one time, or from time to time, upon the faith and credit of
Howard County, bonds in an amount or amounts not exceeding the
aggregate Five Hundred Thousand Dollars ($500,000) for the urban
renewal of the homes on Fels Lane in Howard County and be it
further provided that the County Commissioners be, and are hereby
authorized to, in their full and absolute discretion, seek Federal
funds for assistance in the urban renewal of Fels Lane property.

Sec. 2. And be it further enacted, That the County Commis-
sioners of Howard County shall, when they exercise said discretion,
by resolution, prescribe the form and tenor of said bonds, the method
and manner of offering the same for sale and the rate of interest
payable thereon, or the method of arriving at such rate or rates of
interest. Said County Commissioners may fix said rate or rates of
interest in said resolution or may request bidders to name the rate
or rates of interest upon which "their bids are based, and said County
Commissioners may provide that different rates of interest 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 authorizing 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 maturing 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 fac-
simile signature of the Chairman of the Board of County Commis-
sioners, 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 Edition,
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