758

LAWS OF MARYLAND

Ch. 43

to exceed $3,000,000 at a net average interest rate not in
excess of 6 percent per annum for the bonds issued and sold
at any one time, for the purposes of constructing and
equipping a county jail in Washington County and doing those
things that are necessary or appropriate to accomplish the
objects and purposes of the project, including as to each
architects' and other professional fees in connection
therewith. The money raised by the bond issue authorized by
this Act shall be expended for the above purposes and shall
be allotted among such purposes as the County Commissioners
of Washington County may provide. Such bonds shall be
designated, shall be of such denomination or denominations
and of such type or form, and shall be of such periods of
maturity, not exceeding 25 years, all as the County
Commissioners of Washington County may by resolution
provide, provided, however, that the first maturity shall be
within 5 years of the date of such bonds, and the proceeds
of such sale or sales shall be spent in accordance with the
provisions hereof. The borrowing and every bond, coupon, or
other evidence thereof, and the interest payable thereon,
shall be and remain exempt from taxation by the State of
Maryland and by the counties and municipalities of the
State.

SECTION 2. AND BE IT FURTHER ENACTED, That the bonds
shall be signed by the President of the County Commissioners
of Washington County and the Treasurer of Washington County,
with the seal of Washington County or a facsimile affixed.
The bonds shall be payable at the place and on the date or
dates that the County Commissioners shall by resolution
specify. The bonds shall bear interest at a net average
rate not in excess of a 6 percent per annum for the entire
issue, such interest at a rate or rates as shall be provided
by resolution of the County Commissioners, and installments
of interest may be evidenced by semiannual coupons attached
to the bonds, bearing the facsimile signature of the
Treasurer of Washington County. If such bonds are issued,
the issue and sale shall be in accordance with the
provisions of Sections 8 to 18, inclusive, of Article 31 of
the Annotated Code of Maryland (1976 Replacement Volume, as
supplemented).

SECTION 3. AND BE IT FURTHER ENACTED, That for the
purpose of paying the interest on the bonds, and for
redeeming the same as they mature and become payable, the
County Commissioners of Washington County shall levy
annually a tax upon the assessable property in Washington
County sufficient to pay the annual interest on the bonds
and to redeem the bonds as they become due, until all of the
bonds shall mature and be redeemed. The taxes so levied
shall be collected in the same manner as other taxes are
levied and collected in the County.

SECTION 4. AND BE IT FURTHER ENACTED, That  out of the

actual cash proceeds from the sale of any of the  bonds shall

be paid first the cost of printing and other   out] outlays and

expenses and charges connected with the issue of the bonds,