WM. PRESTON LANE, JR., GOVERNOR. 1437

SEC. 4. And be it further enacted, That the bonds or
notes authorized by this Act shall be sold in the manner
prescribed by Section 35 of Article 31 of the Annotated
Code of Maryland (1939 Edition).

SEC. 5. And be it further enacted, That the provisions
of Section 806 of the Code of Public Local Laws of Mary-
land (1930 Edition), which are inconsistent herewith are
hereby expressly repealed to the extent of such incon-
sistency.

SEC. 6. And be it further enacted, That this Act shall
take effect June 1, 1947.

Approved April 16, 1947.

CHAPTER 586.
(Senate Bill 441)

AN ACT to authorize and empower the County Commis-
sioners of Cecil County to borrow upon the faith and
credit of said County a sum not to exceed a total of
Two Million, Two-Hundred and Fifty ($2,250,000)
Thousand Dollars by the issuance and sale of coupon
bonds; providing generally for the time, terms and
manner of said bond issue; that the proceeds thereof be
used exclusively for the erection and equipment of new
public school buildings, the purchase of any land neces-
sary therefor, and additions to existing public school
buildings in said County; providing for the payment of
said loan, principal and interest, by the levy of taxes.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Cecil County are hereby
authorized and directed to borrow upon the faith and credit
of said County an amount not to exceed Two Million, Two-
Hundred and Fifty ($2,250,000) Thousand Dollars and
to issue and sell at one time, or from time to time, twenty-
five year coupon bonds not exceeding that amount.

SEC. 2. And be it further enacted, That such bonds
shall bear interest at a rate not exceeding (2 1/4%) per
centum and shall be issued on the serial maturity plan
so that one-twenty-fifth of the principal amount of the
bonds issued is retired each year. The County Commis-