764                              Laws of Maryland                       Ch. 358

tion and 1967 Supplement, as amended, and Section 70-60 and Sub-
section (e) of Section 70-101 of the Montgomery County Code,
1965 Edition, as amended, being Articles 17 and 16, respec-
tively, of the Code of Public Local Laws of Maryland, titles
"Prince George's County" and "Montgomery County," subtitle
"Park and Planning Commission," to increase the interest rate
limit on tax anticipation certificates of indebtedness from 6%
per annum to 8% per annum.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 49 and Section 93(e) of Chapter 780 of the Laws
of Maryland, 1959, be and the same are hereby repealed and re-
enacted to read as follows:

49.

The Commission is authorized and empowered from time to time
during any fiscal year to borrow such sums of money on promissory
notes, to be known as tax anticipation certificates of indebtedness,
to bear interest at not exceeding [six] eight per centum [(6%)]
(8%) per annum, and to be signed by the chairman and the sec-
retary-treasurer of the Commission, as may be necessary to meet
its expenses within either county under this sub-heading and also to
meet debt service payable from the seven cent tax authorized in this
subheading; said sums of money to be borrowed from any bank or
institution or individual willing to lend them. The Commission is au-
thorized from time to time to reissue or renew its tax anticipation
certficates of indebtedness at the same or a greater interest rate
not exceeding [six] eight per centum [(6%)] (8%) per annum,
provided that the total amount so borrowed and outstanding in any
fiscal year shall not exceed seventy-five per centum (75%) of the
total proceeds received by the Commission from the tax levied and
collected during the Commission's preceding fiscal year with such
county under this subheading. All moneys so borrowed within any
fiscal year shall be repaid during the next succeeding fiscal year
from the proceeds of the said tax received by the Commission
in the fiscal year last mentioned.

93. (59-95) (70-101)

(e) Tax anticipation certificates. The Commission is author-
ized and empowered from time to time in any fiscal year to bor-
row such sums of money on promissory notes, to be known as tax
anticipation certificates of indebtedness, to bear interest at not ex-
ceeding [six] eight per centum [(6%)] (8%) per annum, and
to be signed by the chairman and the secretary-treasurer of the
Commission, as may be necessary to meet its administrative operat-
ing expenses within either county, from any bank or institution or in-
dividual willing to lend the same. The Commission also is au-
thorized and empowered, from time to time, to issue and to renew
its tax anticipation certificates of indebtedness for the same, bear-
ing interest at not exceeding [six] eight per centum [(6%)]
(8%) per annum; provided that the total amount so borrowed and
outstanding in any fiscal year shall not exceed seventy-five (75) per
centum of the total proceeds received by the Commission from the
administrative tax levied and collected during the Commission's pre-
ceding fiscal year within such county. All moneys so borrowed with-