Montgomery County                               2605

Section 2. Before the issuance of any series of said bonds, the County
Council shall by resolution determine the amount or amounts estimated to
be needed to pay the cost or expense of constructing, improving and ac-
quiring off-street parking lots and facilities for such District and sites
therefor, including the cost of printing and delivering and other expenses
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 ex-
penses of off-street parking lots and facilities including the cost of printing
and delivering and other expenses of issuance of said bonds and any other
incidental expenses, and the reimbursement of the general tax receipts
of the County for any monies previously expended therefrom for such fa-
cilities, 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 pay-
able at such time or times, be in such denomination or denominations,
be 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 premium, as may be
determined by the resolution or resolutions of the County Council au-
thorizing 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