WM. PRESTON LANE, JR., GOVERNOR. 1403

they are hereby authorized and empowered to borrow upon
the faith and credit of Calvert County a sum or sums not
to exceed a total of Five Hundred Thousand Dollars
($500,000.), from time to time, and to issue and sell coupon
bonds not exceeding said amount.

SEC. 2. And be it further enacted, That the County
Commissioners of Calvert County shall by resolution pre-
scribe the form and tenor of such bonds, the rate of inter-
est, not exceeding three per centum per annum, to be paid
thereon; the date or dates of issue, and the time and place
at which interest is to be paid. Such bonds shall be in
coupon form, shall be in denominations of $1,000.00 of
any multiple thereof, and may be made registerable as to
principal. Such bonds shall be issued upon the serial
maturity plan in such manner as the County Commis-
sioners may by resolution prescribe and a portion thereof
shall be retired annually; provided that all of said bonds
shall be retired within twenty-five (25) years from the
date of their issuance.

SEC. 3. And be it further enacted, That such bonds
shall be signed by the President of the Board of County
Commissioners of Calvert County, countersigned by the
County Treasurer, and the corporate seal of the County
shall be attached thereto by the clerk of the County Com-
missioners, and the interest coupons attached to each of
such bonds shall bear the facsimile signature of the County
Treasurer printed, lithographed or engraved thereon.

SEC. 4. And be it further enacted, That any bonds
issued under the provisions of this Act shall be issued and
sold in the manner prescribed by Sections 35 and 36 of
Article 31 of the Annotated Code of Maryland (1939
Edition) and any amendments thereto at such time or
times as the County Commissioners of Calvert County may
deem proper.

SEC. 5. And be it further enacted, That the entire
proceeds arising from the sale of any bonds issued under
the provisions of this Act, after the payment of the costs
of engraving and all other incidental costs and expenses
connected with the issuance of said bonds shall be paid
over by the County Commissioners to the County Treas-
urer and retained by him for the following school purposes:

(1) For the construction, erection and acquisition of
a new Calvert County High School at Prince Frederick,
Md., together with all lands and appurtenances thereto;