2688                               Municipal Charters

expenditure, the director of finance is authorized to invest such funds
until the time they will be needed in such securities as are now or may-
hereafter be authorized by applicable public general and local laws, or in
such other securities as may be authorized by resolution of the county
council. Such authority shall extend to the investment of proceeds of
the county bonds or other obligations, to trust funds and to other special
as well as general funds of the county. All such securities shall be placed
in safe-keeping with one of the designated depositories of the county or
shall be kept in a safe deposit box in any bank or banking institution
of the county, leased for the exclusive use of the county, and to be opened
by the director of finance jointly with some other county official to be
designated by the county executive.

Section 2. Section 2-109, Chapter 2, title "Administration," of the
Montgomery County Code 1965 is hereby repealed and re-enacted, with
amendments, to read as follows:

2-109. Employment of agents or brokers.

The county executive shall be authorized and empowered to employ, when-
ever he deems such employment for the best interests of the county, an
agent or broker to assist in negotiating or selling any bonds, certificates
of indebtedness or notes of the county and pay for the services of such
agent or broker out of the proceeds of sale or out of any other available
funds of the county; provided, however, that the amount so paid in connec-
tion with the sale of the bonds shall not exceed one-half of one per cent
of the face amount thereof, and in connection with the sale of certificates
of indebtedness and notes, shall not exceed one-half of one per cent of the
face amount thereof.

Section 3. Section 2-131, Chapter 2, title "Administration," of the
Montgomery County Code 1965 is hereby repealed and re-enacted, with
amendments, to read as follows:

2-131. Purchase of property by county; issuance of certificates of indebt-
edness, etc.

(a)    The county is hereby authorized and empowered to purchase
any real estate offered for sale for the payment of taxes and special
assessments; provided, it shall not bid a sum greater than the taxes and
special assessments in arrears on such property and the interest and
expenses of sale and costs and fees, and to sell or lease the same as shall
be deemed to be in the best interests of the county. The county is
authorized and empowered to issue upon its faith and credit at one time
or from time to time as may be necessary, certificates of indebtedness in
an amount not exceeding the amount of such taxes or special assessments,
interest, penalties, costs and fees, in anticipation of the receipt of moneys
from the redemption and from the sale of property sold for such taxes or
special assessments; provided, however, that the amount of such certificates
of indebtedness shall not in the aggregate at any time exceed twenty per
cent of the total amount of taxes or special assessments levied for the
year for which such certificates are issued.

(b)    The certificates of indebtedness so issued in anticipation of the
receipt of moneys from the redemption and from the sale of property sold
for taxes or special assessments in any year shall be identified by the year
in which such sale is made and designated "Certificates of Indebtedness,

19......," and shall mature not later than October 1 of the fifth year after

the year in which such sale for taxes or special assessment is made. Such
certificates of indebtedness shall bear interest at a rate to be determined