Montgomery County                               2603

in such form either coupon or registered, carry such registration, con-
version or reconversion privileges, be executed by such officers and in
such manner, 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 redemption at the option of the County with or without pre-
mium, as may be determined 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 num-
ber of consecutive annual installments, not exceeding thirty (30) and
beginning not more than one year from the date of such bonds, as may
be determined by the resolution or resolutions of the County Council
authorizing 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
Sections 9, 10, and 11 of Article 31 of the Annotated Code of Maryland
(1967 Replacement Volume), and the County Council may issue, deliver
and sell said bonds at public sale in such manner and for such price
or prices as it may by resolution determine, provided that no sale shall
be for a price or prices less than the face value of said bonds and
accrued interest thereon.

Section 6. All such bonds shall be issued upon the full faith and
credit of the County which is hereby pledged to the punctual payment
of the principal thereof and interest thereon, and they shall be payable
primarily from the taxes and other funds collected from the Bethesda
Parking Lot District pursuant to Title II, Chapter 44, of the Montgomery
County Code 1965, as now or hereafter amended, but if such taxes and
other funds are insufficient for such purpose, such bonds shall be payable
from unlimited ad valorem taxes levied upon all assessable property with-
in the County, and the resolution or resolutions of the County Council
authorizing the issuance of such bonds or certificates of indebtedness
shall so provide. In each and every fiscal year that any such bonds
are or will be outstanding, the County and the County Council shall
levy or cause to be levied the special taxes authorized by said Chapter
44 in an amount or amounts sufficient to provide for the payment when
due of the interest and principal of all such bonds becoming due in such
fiscal year, and if the amount of estimated receipts from such special
taxes, together with other revenues available for the payment of such
interest and principal, shall be insufficient to pay such interest and
principal, the County shall levy or cause to be levied ad valorem taxes
upon all the assessable property within the corporate limits of the County
in rate and amount sufficient to provide for such payments. In the event
that the proceeds from such special taxes and ad valorem taxes upon
all the assessable property within the County levied in any fiscal year,
together with other revenues available for the payment of the interest
and principal of such bonds or certificates of indebtedness, shall prove
inadequate for such purpose, additional taxes shall be levied in the suc-
ceeding fiscal year to make up any such deficiency.

Section 7. All such bonds shall have, and are hereby declared to
have, as between successive holders, all the qualities and incidents of
negotiable instruments under the negotiable instruments law of the State