WM. PRESTON LANE, JR., GOVERNOR. 1419

for the payment of said loan and interest, by the levy
of taxes.

SECTIONl. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Frederick County, a
body corporate, in order to provide funds for the erection
and equipment of new public school buildings, the pur-
chase of any land necessary therefore, and the erection of
additions to existing public school buildings in said Coun-
ty, is hereby authorized and empowered at one time, or
from time to time, between July 1, 1947 and July 1, 1949,
to borrow money on the faith and credit of said County
and to issue and sell at one time, or from time to time, its
bonds or notes therefor, not to exceed in the aggregate
the sum of Five Hundred Thousand Dollars ($500,000.).
The County Commissioners of Frederick County shall, by
resolution, prescribe the form and tenor of such bonds or
notes, the rate of interest not exceeding 5% per annum
to be paid thereon, the dates of issue, and the time and
place at which interest is to be paid. Such bonds or notes
shall be in coupon form, shall be in denominations of one
hundred ($100.00) dollars, or any multiple thereof, and
may be made registerable as to principal. Such bonds or
serial notes shall be issued upon the fifteen (15) year
serial maturity plan in such manner that one fifteenth of
the bonds or notes shall mature and become payable at the
end of each year after the date, of issue until all the bonds
or notes have been paid and retired, provided, however,
that the County Commissioners shall have the right, in
their discretion, to call any or all of said bonds or notes
at any time. Said bonds or notes shall be signed by the
Chairman of the Board of County Commissioners of Fred-
erick County and the Treasurer of said County, and have
the corporate seal of Frederick County affixed thereto.
The principal amount of said bonds or notes and every
part thereof and the interest payable thereon shall be and
remain exempt from State, County and municipal taxa-
tion.

SEC. 2. And be it further enacted, That out of the ac-
tual cash proceeds from the sale of any of said bonds or
notes shall be first paid the cost of printing and other
outlays and expenses and charges connected with their
issue and the entire balance of said actual cash proceeds,
together with any interest that may be received on the
same, shall be retained by the County Treasurer of Freder-
ick County, Until needed to pay for the erection and equip-
ment of new public school buildings in Frederick County,
the purchase of any land necessary therefor, and the erec-