MARVIN MANDEL, Governor                        273

SEC. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved April 9, 1969.

CHAPTER 100
(House Bill 1248)

AN ACT to authorize and empower the Board of County Commis-
sioners of Caroline County to issue and sell serial bonds upon the
full faith and credit of said County in an amount not in excess of
Nine Hundred Thousand Dollars ($900,000.00) to be issued in such
amounts and at such times as said County Commissioners may des-
ignate, for the purposes of designing, constructing, equipping and
landscaping and completing and improving public schools and de-
signing, constructing and equipping a nursing home in Caroline
County and authorizing the Board of County Commissioners of
Caroline County to levy taxes on the assessable property in said
County to provide funds for the payment of interest and principal
as the same become payable.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Caroline County be and they are
authorized and empowered to borrow at one time or from time to
time, upon the full faith and credit of Caroline County, and to issue
and sell at one time or from time to time its bonds therefor, a sum or
sums of money not to exceed Nine Hundred Thousand Dollars
($900,000.00) at a net average interest rate not in excess of six per
centum (6%) per annum for the bonds issued and sold at any one time
for the purposes of designing, constructing, equipping and landscap-
ing and completing and improving public schools and designing,
constructing and equipping a nursing home in Caroline County, in-
cluding as to each architects and other professional fees in connec-
tion therewith. The money raised by the bond issue authorized by
this Act shall be expended for the above purposes and shall be allotted
among such purposes as the County Commissioners of Caroline
County may provide. Such bonds shall be designated, shall be of such
denomination or denominations and of such type or form, and shall
be of such periods of maturity, not exceeding twenty-five (25) years,
all as the County Commissioners of Caroline County may by reso-
lution provide, provided, however, that the first maturity shall be
within five (5) years of the date of such bonds, and the proceeds of
such sale or sales shall be spent in accordance with the provisions
hereof. The said borrowing and every bond, coupon or other evi-
dence thereof, and the interest payable thereon, shall be and remain
exempt from taxation by the State of Maryland and by the counties
and municipalities of said State.

Sec. 2. And be it further enacted, That said bonds shall be signed
by the President of said County Commissioners of Caroline County
and the Treasurer of Caroline County, with the seal of Caroline
County or a facsimile thereof affixed thereto. Said bonds shall be
payable at such place and on such date or dates as the said County