Montgomery County                                2263

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 begin-
ning not more than one year from the date of such bonds, as may be
determined by the resolution or resolutions of the County Council author-
izing such bonds, and no one of such installments shall be less than fifty
per centum (50%) of any other installment. None of such bonds shall bear
interest at any rate or rates higher than five per centum (5%) per annum.

Section 5. Such bonds shall not be subject to the provisions of Sections
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 authorizing 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 property 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.