1878                                Laws of Maryland                        [Ch. 739

municipal taxation. At no time shall the total issue of bonds out-

standing for any purpose, under this subtitle, succeed fifteen per cent
of the total value of property assessed for county taxation purposes.
Whenever county shall propose to borrow any sum of money pursuant

to the authority contained in this division, such power may be exer-

cised and bonds or certificates of indebtedness may be issued there-

for without submitting such proposal or such issue at a referendum
of the registered voters of the county for their approval or rejection.

19-24.

THE BONDS ISSUED PURSUANT TO THIS SUBTITLE,
THEIR TRANSFER, THE INTEREST PAYABLE THEREON
AND INCOME DERIVED THEREFROM IN THE HANDS OF
THE HOLDERS THEREOF FROM TIME TO TIME (INCLUD-
ING ANY PROFIT MADE IN THE SALE THEREOF) SHALL BE
AND ARE HEREBY DECLARED TO BE AT ALL TIMES EX-
EMPT FROM TAXATION OF EVERY KIND AND NATURE
WHATSOEVER BY THE STATE OF MARYLAND OR BY ANY
OF ITS POLITICAL SUBDIVISIONS OR BY ANY TOWN OR IN-
CORPORATED MUNICIPALITY OR BY ANY OTHER PUBLIC
AGENCY WITHIN THE STATE OF MARYLAND.

19-25.

AT NO TIME SHALL THE TOTAL ISSUE OF BONDS OUT-
STANDING FOR ANY PURPOSE, UNDER THIS SUBTITLE, EX-
CEED FIFTEEN PERCENT OF THE TOTAL VALUE OF PROP-
ERTY ASSESSED FOR COUNTY TAXATION PURPOSES.
WHENEVER THE COUNTY SHALL PROPOSE TO ISSUE
BONDS PURSUANT TO THE AUTHORITY CONTAINED IN
THIS SUBTITLE, SUCH POWER MAY BE EXERCISED AND
BONDS MAY BE ISSUED THEREFOR WITHOUT SUBMITTING
SUCH PROPOSAL OR SUCH ISSUE TO A REFERENDUM OF
THE REGISTERED VOTERS OF THE COUNTY FOR THEIR AP-
PROVAL OR REJECTION.

19-35. Funds for retirement and payment of interest generally.

The payment of interest on, and the retirement of bonds issued
pursuant to this subtitle, shall be provided out of the funds received

under the provisions of Sections 19-32 to 19-34 of this Code, and,

to the extent that such funds are insufficient to pay any bonds

issued hereunder, together with the interest due thereon, the County
Commissioners of Cecil County in each and every fiscal year in which

such bonds are outstanding shall levy and collect ad valorem taxes

upon all the assessable property within the corporate limits of Cecil

County in rate and amount sufficient to provide for such payments

when due, together with accrued interest to date of payment. In

the event the proceeds from the taxes so levied in any fiscal year

are adequate for the above purposes, the County Commissioners

of Cecil County shall levy additional taxes in the succeeding fiscal

year to make up any deficiency. The treasurer of the county is

hereby required to collect the tax so levied, in the same manner

as state and county taxes are collected, and such tax shall bear the

same interest and be subject to the same penalties in the event.

of nonpayment, as in the case of other county taxes.