MONTGOMERY COUNTY                               2091

to be needed to pay the cost or expense of constructing, improving and
acquiring off-street parking lots and facilities for such District and sites
therefor, including the cost of printing and delivering and other ex-
penses of issuance of said bonds and any other incidental expenses. After
or simultaneously with the making of such determination and estimate,
the issuance of the bonds of such series may be authorized by resolution
or resolutions of the County Council in a principal amount not exceeding
the amount or amounts so estimated. It shall not be necessary that such
resolution or resolutions shall designate the site or sites of such off-street
parking lots or facilities, it being the intent hereof that bonds may be
issued hereunder prior to the selection of any such site or sites. The
proceeds of the bonds of such series, to an amount equaling the principal
amount of said bonds, shall be set aside from other County funds and
used and appropriated only for payment of the cost and expenses of off-
street parking lots and facilities including the cost of printing and de-
livering and other expenses of issuance of said bonds and any other inci-
dental expenses, and the reimbursement of the general tax receipts of the
County for any moneys previously expended therefrom for such facilities,
and any balance of such proceeds, together with any part of the sum so
set aside which is not required for payment of the cost and expense of
off-street parking lots and facilities shall be promptly applied to payment
of such bonds as they become due.

Section 3. Subject to the provisions of Section 4 hereof, the bonds
of each such series shall bear such designation and such date or dates,
mature at such time or times, bear interest at such rate or rates payable
at such time or times, be in such denomination or denominations, be in
such form either coupon or registered, carry such registration, conversion
or reconversion privileges, be executed by such officers and in such man-
ner, be payable in such medium of payment at such place or places within
or without the State of Maryland, and be subject to such terms of redemp-
tion at the option of the County with or without premium, as may be de-
termed by the resolution or resolutions of the County Council authorizing
such bonds or subsequent resolutions of the County Council adopted prior
to their issuance.

Section 4. The bonds of each such series shall mature in such number
of consecutive annual installments, not exceeding thirty (30) and begin-
ning not more than one year from the date of such bonds, as may be de-
termined by the resolution or resolutions of the County Council authoriz-
ing such bonds, and no one of such installments shall be less than fifty
per centum (50%) of any other installment. None of such bonds shall
bear interest at any rate or rates higher than five per centum (5%) per
annum.

Section 5. Such bonds shall not be subject to the provisions of Sec-
tions 9, 10, and 11 of Article 31 of the Annotated Code of