Marvin Mandel, Governor                        1709

advertising, printing, and legal fees, incurred in the issuance and
sale of any bonds hereunder, the said amount so borrowed to be
used for no other purpose whatsoever.

Sec. 2. And be it further enacted, That the County Commissioners
shall by proper resolution fix the maturity or maturities of any such
bonds, provided, however, that no bonds so issued shall mature later
than thirty years from the date of their issue, and provided further
that any such bonds shall be issued on the serial maturity plan; such
resolution may fix the denomination or denominations in which said
bonds shall be issued, the interest rate or rates of said bonds or the
manner of determining the same, the manner and place of payment,
the date, place and terms of the sale of the bonds, and all details
not herein otherwise provided for with respect to the form, issuance
and sale thereof; said bonds shall be signed by the President of
the County Commissioners and by the Treasurer of Calvert County,
and the seal of the County shall be affixed thereto. Said bonds may
be registrable as to principal. Said bonds shall be in coupon form,
and the coupons may be authenticated by the facsimile signature of
the President of the Board of County Commissioners of Calvert
County, engraved, printed, or lithographed thereon.

Sec. 3. And be it further enacted, That any bonds issued here-
under may be sold, in the discretion of the County Commissioners,
at public or private sale, provided that no bonds shall be sold at less
than par; that any bonds sold under the authority hereby conferred
shall be exempted from the provisions of Sections 10 and 11 of
Article 31 of the Annotated Code of Maryland (1967 Replacement
Volume), and said bonds and the coupons attached thereto and the
interest payable thereon shall be and remain forever exempt from
State, County and Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale
of said bonds shall be paid to the Treasurer of Calvert County
and shall be placed in a special fund by the County Treasurer, and
shall be paid out by him only on warrants from the County Com-
missioners, which warrants shall be issued only upon proper vouchers
presented by the Board of Education of Calvert County, Maryland.

Sec. 5. And be it further enacted, That for the purpose of paying
the principal and interest on any bonds issued hereunder, as they
mature, the County Commissioners of Calvert County are hereby
directed to provide by proper resolution for the pledging of all
monies, or so much thereof as may be necessary, received from the
State of Maryland under the provisions of Section 129 of Article
77 of the Annotated Code of Maryland (1967 Replacement Volume),
and any amendments thereto, providing for "Current Expense In-
centive Aid" payments, insofar as any payments may not have
already been pledged. In addition, there shall be pledged, for the
purpose of paying the principal and interest on any bonds issued
hereunder, as they mature, the monies paid to the Board of County
Commissioners from time to time, under applicable provisions of
State Laws relating to the income tax, the tax on horse racing,
the recordation tax, the tax on amusements and admissions, license
taxes, alcoholic beverages taxes, the unallocated portions of alcoholic
beverages county license fees, franchise tax on corporations, and