1668                            LAWS OF MARYLAND                     [CH. 769

sioners 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%) SIX PER
CENTUM (6%) 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 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 OR IMPRINTED THEREON AND ATTESTED
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 Commissioners, printed, litho-
graphed 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 until all of the bonds, cer-
tificates of indebtedness, promissory notes or other evidences of in-
debtedness issued under this Act have matured and been redeemed,
the County Commissioners of Carroll County shall annually levy a
tax upon the assessable property of the County sufficient to pay the
interest on the bonds outstanding and the principal of bonds matur-
ing during the succeeding year.

Sec. 6. And be it further enacted, That all bonds issued pursuant
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 (INCLUDING ANY PROFIT MADE ON THE SALE THERE-
OF), 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. 7. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 14, 1969.

CHAPTER 769
(House Bill 1415)

AN ACT to add new Section 37(a-l) to Article 2B of the Annotated
Code of Maryland (1968 Replacement Volume), title "Alcoholic
Beverages," subtitle "Local Licenses and License Provisions," to
follow immediately after Section 37(a) thereof, providing that
"place of business" as used in subsection (a) of Section 37 shall not
include country clubs.