970

LAWS OF MARYLAND

Ch. 280

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 outlays and expenses
and charges connected with the issue of the bonds, and the entire
balance of the actual cash proceeds, together with any interest
that may be received on them, shall be retained by the County
Treasurer of Washington County until needed for the purposes
specified in this Act.

SECTION 5. AND BE IT FURTHER ENACTED, That in the event
that any person designated to sign the bonds is unable for any
reason to do so the County Commissioners shall by resolution
authorize the execution thereof by some other member or officer,
and such execution shall be valid and sufficient for all purposes
as if the bonds had been executed by the person or persons
originally designated. Should any person signing the bonds die or
become incapacitated, or should he cease to be an officer or a
commissioner, before the delivery of the bonds, his signature
shall nevertheless be valid and sufficient for all purposes and
shall be equally effective to bind the County Commissioners of
Washington County as if delivery had been made before his death
or incapacity or the expiration or other termination of his term
of office.

SECTION 6. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved May 8, 1984.

CHAPTER 281

(House Bill 346)

AN ACT concerning

Franchise Tax - Financial Institutions, Savings Banks,
and Savings and Loan Associations

FOR the purpose of including any profit   realized from the sale or

exchange of bonds issued by this     State or its political

subdivisions in the definition     of net earnings for the
franchise tax.

BY repealing and reenacting, with amendments,