Marvin Mandel, Governor                        1687

Article 31 of the Annotated Code of Maryland (1967 Replacement
Volume) as said sections may be amended from time to time. All
action which the County Commissioners of Cecil County is authorized
by this section to take in the issue and sale of the bonds hereby
authorized, shall be taken by resolution of the Board of County
Commissioners, adopted in accordance with the established practices
of the County.

Sec. 3. And be it further enacted, That all bonds issued pursuant
to the authority of this Act shall, notwithstanding the provisions
hereof or of said bonds, be deemed to be negotiable instruments, and
shall have and possess all the attributes of negotiable instruments,
under the laws of this State. All bonds issued pursuant to the author-

ity of this Act, their transfer and the income therefrom shall at all

times be free from taxation by the State of Maryland or by any of
its political sub-divisions or by any town or municipal corporation
or by any other public agency of the State of Maryland. ANY AND
ALL OBLIGATIONS ISSUED PURSUANT TO THE AUTHORITY
OF THIS ACT, THEIR TRANSFER, THE INTEREST PAY-
ABLE THEREON, AND THE INCOME DERIVED THERE-
FROM IN THE HANDS OF THE HOLDERS THEREOF FROM
TIME TO TIME (INCLUDING ANY PROFIT MADE IN THE
SALE THEREOF) SHALL BE AND ARE HEREBY DE-
CLARED TO BE AT ALL TIMES EXEMPT FROM TAXATION
OF EVERY KIND AND NATURE WHATSOEVER BY THE
STATE OF MARYLAND OR BY ANY OF ITS POLITICAL
SUBDIVISIONS, OR BY ANY TOWN OR INCORPORATED
MUNICIPALITY OR BY ANY OTHER PUBLIC AGENCY
WITHIN THE STATE OF MARYLAND.

Sec. 4. And be it further enacted, That from the actual proceeds
of sale of any issue of said bonds there shall first be paid the cost
of preparing the same, and all other outlays and expenses incurred
by the County Commissioners in connection with the issue of said
bonds. In addition there shall be deducted from said proceeds all
amounts received on account of accrued interest which shall be set
apart by the County Treasurer for application on account of the
first maturing interest liability on said bonds, and in addition said
County Treasurer shall set apart any premium received on the sale
of any issue of said bonds which shall be used for the purpose of
paying the principal thereof at maturity or on prior redemption.
The entire balance of said proceeds shall be retained by the
County Treasurer until needed to pay for the purposes specified in
Section 1 hereof. Said payments for the aforesaid purposes, and for
no other purposes, shall be made from time to time by the County
Treasurer to the Union Hospital Board upon the order of the County
Commissioners of Cecil County. Said County Commissioners shall
not issue any such order except upon written notification from said
Union Hospital Board that in its best judgment and discretion an
expenditure for any of the aforesaid purposes is necessary, such
notification setting forth the approximate amount of each expendi-
ture and the specific use to be made of it. Said Union Hospital Board
shall receive and expend the money so paid to it only for the pur-
poses authorized by Section 1 hereof, and said Board shall account
for said money so paid to it and the expenditures thereof in the
same manner as it accounts for other moneys passing through its
hands. A member of the Board of County Commissioners shall serve