138 LAWS OF MARYLAND. [CH. 83

in providing for an anticipated deficit, and to levy taxes
for the payment of said bonds, and interest thereon.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Queen
Anne's County be and they are hereby authorized to issue
serial coupon bonds in denominations of one thousand dol-
lars each, to be signed by the President of the Board of
County Commissioners and countersigned by the Clerk of
said Board, not to exceed in the aggregate seventy-five
thousand ($75, 000. 00) dollars, and to bear interest at a
rate not to exceed five per cent. (5%) per annum, payable
semi-annually on such dates as said Commissioners shall
designate in each and every year; said bonds shall be ex-
empt from State, County and Municipal taxation, and the
coupons of said bonds shall, as they become due and pay-
able, be receivable by the Treasurer of Queen Anne's
County in the payment of County taxes. Provided, how-
ever, that no bonds or other certificates of indebtedness
shall be issued to an amount exceeding five per cent. (5%)
of the total taxable basis of said County. The said bonds
shall be sold by the County Commissioners, after due ad-
vertisement, to the highest bidder or bidders, but the said
County Commissioners shall have the right to reject any
or all bids.

SEC. 2. And be it further enacted, That said bonds shall
bear such date or dates as the said County Commissioners
shall determine and so issued that as nearly as possible an
equal number shall mature each year but none of said bonds
shall be issued after January 1, 1936; the first bonds to
mature five years from date of issue, and none of said
bonds shall be issued for a longer period than twenty years;
until all of said bonds shall have matured and been
redeemed. Provided, however, that none of said bonds shall
be issued after January 1, 1937.

SEC. 3. And be it further enacted, That the bonds au-
thorized by this Act shall be designated as "Funding Bonds
of Queen Anne's County" and shall contain a reference to
this Act, and the funds derived from the sale of said bonds
shall be used for paying a part or all of the indebtedness
incurred in borrowing against uncollected taxes and in pro-
viding for an anticipated deficit.

SEC. 4. And be it further enacted, That the County
Commissioners of Queen Anne's County be and they are