WM. PRESTON LANE, JR., GOVERNOR. 1465

which may be received from the State or the United States
Government for school improvements.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Talbot County, a
body corporate, in order to provide funds for the purpose of
making additions or alterations to existing school buildings,
to purchase land and erect thereon new school buildings, to
purchase new equipment for existing and newly constructed
schools and to pay architects and other professional fees in
connection with such construction, is hereby authorized and
empowered to borrow, from time to time, in such amounts as
it shall deem necessary, money on the faith and credit of
said County, and to issue therefor notes or bonds, pro-
vided that in the aggregate said notes and bonds shall not
exceed the sum of Two Hundred Fifty Thousand Dollars
(1250, 000. 00), and provided that said notes and/or bonds
shall bear a rate of interest not exceeding four per cent
per annum; and provided further that if said money or
any part thereof shall be borrowed by note or notes, such note
or notes shall be signed by the President of the County Com-
missioners and the Treasurer of Talbot County and have the
seal of said County affixed thereto; and provided further
that if said money or any part thereof shall be borrowed by
the sale of bonds that said bonds shall be designated "Public
School Bonds of Talbot County", said bonds shall be serial
type bonds, either registered or coupon, and issued in such
denominations and at such rate of interest, not exceeding
4%, payable semi-annually, as shall be determined by the
County Commissioners of Talbot County, and shall mature
in not exceeding twenty-five years from date of issue, and
shall forever be exempt from State, County and Municipal
taxation. Said bonds shall be signed by the President of the
Commissioners, with the Corporate Seal of Talbot County
attached thereto, attested by the Treasurer of said County,
and if coupons bonds, the coupons thereon shall be signed
by the Treasurer of Talbot County, or a facsimile of his
signature shall be stamped, printed or engraved thereon. If
bonds shall be issued, they shall be sold in accordance with
the provisions of Section 35 of Article 31 of the Annotated
Code of Maryland (1939 Edition).

SEC. 2. And be it further enacted, That the proceeds of
such notes and/or the proceeds from the sale of such bonds
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 of Talbot County for such expendi-
tures as it shall deem to be proper, in the sole discretion of