Marvin Mandel, Governor                        1943

Section 1. Be it enacted by the General Assembly of Maryland,
That a new Section 12 (h) be and it is hereby added to Article 31
of the Annotated Code of Maryland (1967 Replacement Volume),
title "Debt—Public," subtitle "Public Securities," to follow immedi-
ately after Section 12 (g) thereof, and to read as follows:

12.

(h) In the event that (i) bond anticipation notes are issued by
any public body pursuant to the authority of this Section 12 and
(ii) the public body is unable to sell bonds to pay such bond antici-
pation notes when due because of any interest rate limitation con-
tained in the original bond authorizing legislation for such bonds,
the public body may issue bonds in an aggregate principal amount
sufficient to pay the principal of such bond anticipation notes and
not exceeding twelve (12) months' interest on such notes and may
provide for the payment of interest on such bonds at a rate or rates
in excess of such interest rate limitation contained in the original
bond authorizing legislation. The resolution or ordinance providing
for the issuance of such bonds shall refer to the original bond au-
thorizing legislation and to this section as authority for the issuance
of such bonds. This section shall be construed as additional and
supplemental authority for every public body (so authorized to issue
bonds) to issue such bonds free of any interest rate limitation for
the purpose of paying outstanding bond anticipation notes. Except
for the authority hereby granted to all public bodies to provide for
the payment of such interest rate or rates as bond market condi-
tions may then require, every public body shall comply with all
other provisions, requirements and limitations contained in the
original bond authorizing legislation with regard to the issuance of
any such bonds.

Sec. 2. And be it further enacted, That all laws or parts of laws,
public general or public local, inconsistent with the provisions of
this Act are hereby repealed to the extent of any such inconsistency.

Sec. 3. And be it further enacted, That this Act shall take effect
June 1, 1970.

Approved May 21, 1970.

CHAPTER 686
(Senate Bill 794)

AN ACT to authorize and empower the County Commissioners of
Harford County, from time to time, to borrow not exceeding
Three Million Dollars ($3,000,000) in order to finance the con-
struction, acquisition, improvement or extension of public schools
in said County, as herein defined, and to effect such borrowing
by the issuance and sale to the highest bidder or bidders at public
sale of its general obligation, serial maturity coupon bonds in
like par amount; empowering said County to fix and determine,
by resolution, the form, tenor, interest rates or method of arriv-
ing at the same, terms, including redemption and registration