Montgomery County                               2641

premium, 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 number
of consecutive annual installments, not exceeding thirty (30) and be-
ginning 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.

Section 5. Such bonds shall not be subject to the provisions of Sec-
tions 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 within
the County, and the resolution or resolutions of the County Council author-
izing 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 pro-
perty 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 succeeding 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
of Maryland, as provided in Section 8 of Article 31 of the Annotated
Code of Maryland (1967 Replacement Volume) and in Subtitle 8 of Article
95B of the Annotated Code of Maryland (1964 Replacement Volume).

Section 8. Any and all such bonds and the interest thereon and
the income derived therefrom, in the hands of the holders thereof from
time to time, shall be and are hereby declared to be exempt from State,
County and municipal taxation of every kind and nature whatsoever in
the State of Maryland.