SPIRO T. AGNEW, Governor                      1437

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.

Sec. 9. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 713
(House Bill 712)

AN ACT to authorize the County Commissioners of Howard County,
in their discretion to borrow One Million, Four Hundred and Fifty
Thousand Dollars ($1,450,000.00) upon the faith and credit of
said Howard County for the purpose of constructing a community
college in Howard County, and to issue bonds therefor and to levy
taxes to pay the principal and interest of such bonds.

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
said County, bonds in an amount or amounts not exceeding in the
aggregate One Million Four Hundred and Fifty Thousand Dollars
($1,450,000.00), for the purpose of constructing a community college.

Sec. 2. And be it further enacted, That the County Commissioners
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
facsimile signature of the Chairman of the Board of County Com-
missioners, printed, lithographed or engraved thereon.