788                                      LAWS OF MARYLAND                              Ch. 356

ISSUED UPON THE SERIAL MATURITY PLAN, SHALL BE IN SUCH
FORM OR FORMS, SHALL BE OF SUCH DENOMINATION OR
DENOMINATIONS, AND OF SUCH PERIOD OF MATURITY, NOT
EXCEEDING FIFTY YEARS, AND BEAR WHATEVER RATE OR RATES
OF INTEREST AS THE COUNTY MAY BY ORDINANCE OR
RESOLUTION DEEM ADVISABLE. THE BONDS MAY BE MADE
REDEEMABLE, AT THE OPTION OF THE COUNTY, AT WHATEVER
PRICE AND UNDER WHATEVER TERMS AND CONDITIONS AS THE
COUNTY MAY DETERMINE IN THE ORDINANCE OR RESOLUTION.
THE BONDS SHALL BE EXECUTED ON BEHALF OF QUEEN ANNE'S
COUNTY, MARYLAND, BY THE PRESIDENT OF THE COUNTY
COMMISSIONERS, WHOSE SIGNATURE MAY BE BY FACSIMILE,
SHALL HAVE THE CORPORATE SEAL OF THE COUNTY AFFIXED
THERETO AND SHALL BE AUTHENTICATED AND ATTESTED BY THE
MANUAL SIGNATURE OF THE CLERK OF THE COUNTY
COMMISSIONERS OF QUEEN ANNE'S COUNTY.

440.

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 (INCLUDING ANY PROFIT MADE IN THE SALE
THEREOF) SHALL BE AND ARE HEREBY DECLARED TO BE AT ALL
TIMES EXEMPT 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 INCORPORATED
MUNICIPALITY OR BY ANY OTHER PUBLIC AGENCY WITHIN THE
STATE OF MARYLAND.

441.

AT NO TIME SHALL THE TOTAL ISSUE OF BONDS OUTSTANDING
FOR ANY PURPOSE, UNDER THIS SUBTITLE, EXCEED FIFTEEN
PERCENT OF THE TOTAL VALUE OF PROPERTY 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 APPROVAL OR
REJECTION.

442.

THE PAYMENT OF INTEREST ON, AND PRINCIPAL OF ANY
BONDS ISSUED PURSUANT TO THIS SUBTITLE, SHALL BE
PROVIDED FROM THE FUNDS RECEIVED FROM THE LEVY AND
COLLECTION OF THE BENEFIT ASSESSMENTS AND THE
IMPOSITION OF CONNECTION, SERVICE AND OTHER CHARGES AS
HEREINBEFORE IN THIS SUBTITLE. TO THE EXTENT THAT SUCH
FUNDS FROM ALL SUCH SOURCES ARE INSUFFICIENT TO PAY THE
PRINCIPAL OR INTEREST ON ANY BONDS ISSUED UNDER THIS
SUBTITLE, THE COUNTY COMMISSIONERS OF QUEEN ANNE'S
COUNTY IN EACH AND EVERY FISCAL YEAR IN WHICH SUCH
BONDS ARE OUTSTANDING SHALL LEVY AND COLLECT AD
VALOREM TAXES UPON ALL ASSESSABLE PROPERTY WITHIN THE
CORPORATE LIMITS OF THE COUNTY IN RATE AND AMOUNT