Montgomery County                               2689

by the county executive, with the approval of the council, payable semi-
annually or at shorter intervals, and shall be sold in such manner and on
such terms as the county executive shall determine to be for the best
interests of the county, and if for any reason certificates of indebtedness
issued against property purchased by the county at any tax sale have
been retired in whole or in part before the time limit for maturity as
specified in this section new certificates may be issued, the total principal
of which shall exceed neither the amount of principal previously retired
nor the amount of taxes, interest, penalties, expenses of sale, costs and
fees on property purchased by the county for such year remaining un-
redeemed at the time of issuance of such new certificates, but all such
certificates of indebtedness shall mature within the time herein limited for
the maturity of the original certificates of indebtedness.

(c)    The county executive with the approval of the council, shall by
regulation fix the form of such certificates of indebtedness, the officers by
whom they shall be executed, the amounts, the medium of payment and the
place in Maryland or elsewhere at which they shall be payable. Such
certificates of indebtedness may be renewed from time to time by endorse-
ment thereon or new certificates of indebtedness may be issued from time
to time for the payment of such certificates issued hereunder as may mature
and all such new certificates may be issued in the same manner as herein
provided not exceeding the total principal of the maturing certificates and
shall mature within the time herein limited for the maturity of the original
certificates of indebtedness. All moneys received from the redemption and
from the sale of property sold for taxes or special assessments in any year
shall be kept in a separate fund, identified by the year in which the sale

for taxes or special assessments is made and designated as "19...... Tax

Sale Fund", and shall be applied solely to the payment of the principal
and interest of certificates of indebtedness and renewals thereof or new
certificates, issued in anticipation of the receipt of such moneys. The
county may purchase or redeem before maturity any of such certificates
offered.

(d)    In each year in which property is sold for taxes or special
assessments there shall be included in the annual tax levy an amount
sufficient to pay one year's interest on all certificates of indebtedness
authorized or to be authorized by the county in anticipation of the receipts
of moneys from the redemption and from the sale of property sold for such
taxes or special assessments. In each year thereafter there shall be included
in the annual tax levy an amount sufficient to provide for the payment of
the principal and interest of all certificates of indebtedness as the same
shall fall due; provided, however, that the amount of such tax shall be
reduced by the amount received into the fund which is pledged to the
payment of such certificates of indebtedness. After the payment of the
principal and interest of all certificates of indebtedness issued in anticipa-
tion of the receipt of money from the redemption and sale of property sold
for taxes or special assessments in any year, all funds received from the
sale or redemption of property sold for such taxes or special assessments
shall be paid into the general fund of the county. Money received from the
sale of certificates of indebtedness shall be used so far as necessary for
the payment of appropriations made for the fiscal year in which the tax
sale occurs or for the payment of loans or interest thereon made for the
purpose of paying such appropriations.

Section 4. Section 2-132, Chapter 2, title "Administration," of the
Montgomery County Code 1965 is hereby repealed and re-enacted, with
amendments, to read as follows: