(a)      If any county shall so provide in the ordinance or resolution, declaring a state of acute unemployment to exist, such county shall be deemed to be authorized and empowered, from time to time, to issue and sell bonds or other certificates of indebtedness in connection with the borrowing by it upon its full faith and credit of the sums necessary to make the grants authorized by § 1 of this article; provided, however, that the total amount of bonds or other certificates of indebtedness which may be issued and outstanding at any one time shall not exceed an amount which is equal to a total of 0.08% of the total assessed valuation of all real property within such county subject to taxation at the full county tax rate and 0.2% of the total assessed valuation of all personal property and operating real property described in § 8-109(c) of the Tax - Property Article within such county subject to taxation at the full county tax rate.

      (b)      The bonds hereby authorized to be issued shall be known as "industrial development bonds" and shall bear interest at a rate not exceeding five and one-half percent (5 1/2%), payable semiannually and shall mature serially over a period of thirty years, the amount of maturities to be fixed by the governing body of such county. Said bonds shall be the general obligation of the county issuing the same and shall be exempt, both as to principal and interest, from all forms of taxation imposed by the State, county, or municipal authorities within the State of Maryland. The form of the bonds shall be such as may be adopted or prescribed by the governing body of the county issuing the same. Any certificates of indebtedness, other than bonds authorized hereby, shall bear interest at such rate as may be determined by the governing body of the county issuing the same and shall mature at such time, or times, not exceeding five years, as may be specified by the governing body of such county. Such certificates of indebtedness shall be the general obligations of the county issuing the same and shall be exempt from taxation to the same extent as the bonds authorized hereby. It shall be no defense to a suit for collection of the principal of any bond or other certificate of indebtedness, or for any interest accrued thereon, that an acute unemployment state did not in fact exist as declared in the resolution or ordinance of the county issuing such bond or certificate of indebtedness, nor shall it be any defense to any such suit that the amount of bonds or other certificates of indebtedness which may be issued and outstanding at any one time shall in fact exceed a total of 0.08% of the total assessed value of all real property within such county subject to taxation at the full county tax rate and 0.2% of the total assessed value of all personal property and operating real property described in § 8-109(c) of the Tax - Property Article within such county subject to taxation at the full county tax rate.

      (c)      The governing body of any county which shall have issued bonds or other certificates of indebtedness as provided herein shall levy annually at the time taxes are levied for general county purposes, a tax upon all property assessed for county tax purposes within such county in an amount sufficient to meet the principal and interest of said bonds or other certificates of indebtedness for so long as any of them shall be outstanding; provided, however, that if the interest matures on any one or more of said issues of bonds or other certificates of indebtedness before an annual levy, or before sufficient amount of taxes levied for the purpose of paying such interest is collected, such county may pay said interest out of the proceeds of the sale of any such issue.

      (d)      The governing body of any county issuing bonds pursuant to the authority of this article shall offer said bonds for sale to the highest bidder by sealed bids delivered at a place and time mentioned and described in one or more advertisements inserted in at least two newspapers published in said county and in such additional newspapers as the governing body of such county may direct. The governing body of such county may adopt such rules and regulations relating to said bonds and the offering thereof as it may deem advisable.