744                              Laws of Maryland                       Ch. 345

Sec. 3. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 22, 1970

CHAPTER 345
(House Bill 520)

AN ACT to add new Section 69A to Article 21 of the Code of Public
Local Laws of Maryland (1930 Edition), title "Talbot County,"
subtitle "County Commissioners," to follow immediately after
Section 69 thereof, providing an alternate borrowing procedure
under which the County Commissioners may, under certain condi-
tions, in exercise of borrowing authority now or hereafter provided
by the General Assembly of Maryland, borrow money from a bank
or banks having offices in the County.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 69A be and it is hereby added to Article 21 of the
Code of Public Local Laws of Maryland (1930 Edition), title "Talbot
County," subtitle "County Commissioners," to follow immediately
after Section 69 thereof and to read as follows:

69A.

In addition to whatever borrowing procedures may now or here-
after be established or provided by public general or public local
law applicable to the County Commissioners of Talbot County, with
respect to any borrowing authority now or hereafter granted to the
County Commissioners of Talbot County by an Act of the General
Assembly the terms of which permit general obligation bonds evi-
dencing the exercise of such borrowing authority to be sold at
private sale, the said County Commissioners are hereby authorized
to exercise the borrowing authority of said Act in whole or in part
by negotiating, at one time or from time to time, a loan or loans
with one or more banks or trust companies having an office or offices
in the County. All terms and conditions of such loan or loans, in-
cluding the form or forms of evidence of indebtedness and the time
or times, place or places, amount or amounts and conditions of
repayment of the principal thereof and interest thereon, shall be
determined by resolution of the County Commissioners in the exer-
cise of their absolute discretion for the best interests of the County,
and shall not be limited or conditioned by any other provision of
public general or public local law, whether or not contained in the
said Act or in Article 31 of the Maryland Code, title "Debt—Public,"
or elsewhere, provided, however, that the resolution shall refer to
the said Act the borrowing authority of which is being so exercised.
Any such resolution shall constitute, and shall recite that it so
constitutes, an irrevocable pledge of the full faith and credit and
unlimited taxing power of the County Commissioners of Talbot
County to the payment of the principal of and interest on the loans
therein provided for.