Marvin Mandel, Governor                           41

other evidence thereof, and the interest payable thereon, shall be
and remain exempt from taxation by the State of Maryland and by
the counties and municipalities of said State.

2.

Said bonds shall be signed by the President of said County Com-
missioners of Caroline County and the Treasurer of Caroline County,
with the seal of Caroline County or a facsimile thereof affixed thereto.
Said bonds shall be in such denomination or denominations, payable
at such place and on such date or dates as the said County Commis-
sioners shall by resolution provide. Said bonds shall be issued upon
the full faith and credit of Caroline County in such amount or amounts
as said Commissioners shall determine, except that the total amount
of such bonds issued under this Act shall not exceed Three Hundred
Twenty-Five Thousand Dollars ($325,000.00). The bonds shall bear
interest at a net average rate [not in excess of six per centum (6%)]
per annum for the entire issue, as shall be provided by resolution of
said County Commissioners, and installments of interest may be
evidenced by semi-annual coupons attached to said bonds bearing the
facsimile signature of the Treasurer of Caroline County. If such
bonds are issued, such issue and sale shall be subject to the provi-
sions of Sections 8 to 18, inclusive, of Article 31 of the Annotated
Code of Maryland (1957 Edition, as supplemented).

Sec. 2. And be it further enacted, That this Act is hereby
declared to be an emergency measure and necessary for the im-
mediate preservation of the public health and safety, and having been
passed by a yea and nay vote supported by three-fifths of the
members elected to each of the two houses of the General Assembly of
Maryland, the same shall take effect from the date of its passage.

Approved by the Governor, December 18, 1969.

CHAPTER 18
(House Bill 15)

AN ACT to repeal and re-enact, with amendments, Section 3 of
Chapter 749 of the Acts of 1968, amending an authorization to
the Board of County Commissioners of Talbot County to borrow
for certain public school purposes in order to eliminate from this
authorization a reference to the maximum rate of interest which
may be affixed to the bonds.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 3 of Chapter 749 of the Acts of 1968 be and it is
hereby repealed and re-enacted, with amendments, to read as follows:

3.

Subject to the foregoing limitations, the County shall, before
borrowing any money or issuing any bonds pursuant to the authority
of this Act, adopt a resolution describing generally by classes the
public school or schools for which said borrowing or indebtedness
is intended, the amount needed for said purposes, and determining