MARVIN MANDEL, Governor                            2765

authenticated by the facsimile signature of the President
of the board of County Commissioners of Calvert County,
engraved, printed, or lithographed thereon.

SECTION 3. AND BE IT FURTHER ENACTED, That any
bonds issued hereunder may be sold, in the discretion of
the County commissioners, at public or private sale,
provided that no bonds shall be sold at less than par;
that any bonds sold under the authority hereby conferred
shall be exempted from the provisions of Sections 10 and
11 of Article 31 of the Annotated Code of Maryland (1967
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 Calvert 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 by the Board of Education of
Calvert County, Maryland.

SECTION 5. AND BE IT FURTHER ENACTED, That for the
purpose of paying the principal and interest on said
bonds, the County commissioners of Calvert County are
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 Calvert 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 for that year, then the County
Commissioners of Calvert 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.

Provided, however, that the levy or levies required
by this Section need not be made and the tax or taxes
need not be collected in any year to the extent that, on
or before May 1, 1975, and on or before May 1 in each
taxable year thereafter the County Commissioners
determine upon a certified statement by the County
Treasurer that the payment of principal and interest on