1392                           LAWS OF MARYLAND                       CH. 701

Sec. 2. And be it further enacted, That the said Board of County
Commissioners is hereby authorized to borrow under the provisions
of this Act from such bank, banker or trust company or from any
other source as it may from time to time select. The said Board is
authorized to execute and deliver negotiable promissory notes,
certificates of indebtedness or bonds of the County Commissioners of
Charles County to be signed by the Chairman of the Board with
with the seal of the County affixed thereto in such denomination or
denominations payable at such place and at such date or dates as
the said Board shall by resolution provide and/or to issue and
sell said notes, certificates of indebtedness or bonds upon the faith
and credit of Charles County in such amount or amounts as the
Board shall determine, not in excess of a total amount of one and
one-half million dollars ($1,500,000). The said notes, certificates
of indebtedness and/or bonds shall bear interest at such rate or
rates not exceeding five percentum (5%) per annum as shall be
provided by resolution of the Board, and in the event of the issuance of
bonds, to be evidenced by semi-annual coupons attached to the bonds
and bearing the facsimile signature of the Chairman of the Board.
After bonds are issued, the provisions of Sections 10 and 11 of
Article 31 of the Annotated Code of Maryland (1967 Replacement
Volume as amended) shall be complied with. The Board is author-
ized to borrow under the provisions of this Act by selling the
negotiable promissory notes, certificates of indebtedness and/or
bonds herein authorized at a discount less than the principal amount
thereof provided that such discount shall not exceed five percentum
(5%) on the principal of the loan. The said loan and every part
thereof and every note, bond, coupon or other evidence thereof and
the interest payable thereon shall be and remain exempt from
State, county and municipal taxation.

Sec. 3. And be it further enacted, That for the purpose of paying
the interest on said notes and/or bonds and for redeeming the notes
and/or bonds as they mature, the Board of County Commissioners
of Charles County shall annually levy a tax upon the assessable
property of the county sufficient to pay the annual interest on said
notes and/or bonds and to redeem them as they become due until
all the notes and/or 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 the County.

Sec. 4. And be it further enacted, That the Board of County
Commissioners of Charles County is hereby authorized and em-
powered to do all acts and things necessary to issue and sell said
bonds, to have them registered as necessary and to issue negotiable
promissory notes and to do all things necessary to carry put the pur-
poses of this Act, even though the same may not be specifically men-
tioned herein or in the laws applicable to the Board of County Com-
missioners.

Sec. 5. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.