Ch. 182                             MARVIN MANDEL, Governor                                  261

hereunder, the said amount so borrowed to be used for no other purpose
whatsoever.

SECTION 2. AND BE IT FURTHER ENACTED, That said County
Commissioners shall by proper resolution fix the maturity or maturities of any
such bonds, provided, however, that no bonds issued shall mature later than twenty
(20) years from the date of their issue, and provided further that any such bonds
shall be issued on the serial maturity plan; such resolution may fix the
denomination or denominations in which said bonds shall be issued, the interest
rate or rates of said bonds or the manner of determining the same, the manner and
place of payment, the date, place and terms of the sale of the bonds, and all details
not herein otherwise provided for with respect to the form, issuance and sale
thereof; said bonds shall be signed by the President of the County Commissioners
and the Treasurer of Charles County, and the seal of said County shall be affixed
thereto. Said bonds may be made registrable as to principal.

SECTION 3. AND BE IT FURTHER ENACTED, That any bonds issued
hereunder may be sold, in the discretion of the County Commissioners, at less than
par; that any bonds sold under the authority hereby conferred shall be exempt
from the provisions of Sections 10 and 11 of Article 31 of the Annotated Code of
Maryland (1971 Replacement Volume), and said bonds and the coupons attached
thereto and the interest payable thereon shall be and remain forever exempt from
State, County and Municipal taxation in the State of Maryland.

SECTION 4. AND BE IT FURTHER ENACTED, That the proceeds of the
sale of said bonds shall be paid to the Treasurer of Charles County and shall be
placed in a special fund by the County Treasurer, and shall be paid out by him
only on warrants from the County Commissioners, which warrants shall be issued
only upon proper vouchers presented to the County Commissioners for the
purposes mentioned in Section 1 of this Act.

SECTION 5. AND BE IT FURTHER ENACTED, That for the purpose of
paying the principal and interest of said bonds, the County Commissioners of
Charles County are hereby authorized, empowered and directed to levy in each
year so long as any of said bonds are outstanding and unpaid, an ad valorem tax
on all property subject to taxation, within Charles County, sufficient in rate and
amount to pay the interest payable in said year on all outstanding bonds and the
principal of all bonds maturing in said year, the proceeds of said tax to be kept in
a special fund and in no case to be used for any other purpose. In case such bonds
shall be issued in any year after the making of the regular levy of that year, then
the County Commissioners of Charles County are empowered, authorized and
directed to pay any and all interest becoming due before the next levy, out of any
other funds at their disposal, and to levy at the next succeeding levy an amount
sufficient to reimburse such other funds.

SECTION 6. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.