THEODORE R. MCKELDIN, GOVERNOR 617

CHAPTER 325
(House Bill 323)

AN ACT authorizing and empowering the County Com-
missioners of Cecil County to borrow upon the faith and
credit of Cecil County a sum of money not to exceed
One Million Dollars ($1, 000, 000. 00) by the issuance and
sale of coupon bonds, the rate or rates of interest on
which shall not exceed four per cent (4%) per annum;
and providing further that the proceeds thereof be used
exclusively for the purpose of erecting new school build-
ings, purchasing land for new school buildings, payment
of architects' and other professional fees in connection
therewith, alteration or repair of existing school build-
ings and equipping of school buildings in Cecil County;
and to levy taxes upon the assessable property in Cecil
County to provide funds for the payment of interest and
principal upon the said bonds as the same shall mature
and become payable, and to permit the use for such pay-
ment purposes of any State Building Incentive Funds
allocated to said Cecil County.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Cecil County
be and they are hereby authorized and empowered to bor-
row at such time or times as they may decide, upon the
faith and credit of Cecil County, a sum or sums of money
not to exceed One Million Dollars ($1, 000, 000. 00) at a rate
or rates of interest not to exceed four per cent (4%) per
annum, for the purpose of erecting new school buildings,
purchasing land for new school buildings, payment of
architects' and other professional fees in connection there-
with, alteration or repair of existing school buildings and
equipping of school buildings in Cecil County.

SEC. 2. And be it further enacted. That such bonds may
bear one or more rates of interest but none shall exceed
four per cent (4%) per annum, and shall be issued on the
serial maturity plan so that one-twentieth of the principal
amount of the bonds issued is retired each year. The
County Commissioners of Cecil County shall by resolution
prescribe the form and tenor of such bonds, the date or

——————

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.