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1446 LAWS OF MARYLAND. [CH. 501
SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1947.
Approved April 16, 1947.
CHAPTER 591.
(Senate Bill 458)
AN ACT to authorize the County Commissioners of Queen
Anne's County to borrow upon the faith and credit of
said county a sum not to exceed Fifty Thousand Dollars
($50,000.) and to issue coupon bonds or promissory
notes and proceeds thereof or so much as may be neces-
sary to be used by the County Commissioners of Queen
Anne's County for the acquisition of a site or sites
and construction of a public school building or build-
ings or additions or modifications to existing struc-
tures in Queen Anne's County and providing for the
levying of taxes necessary for the payment of such notes
or bonds.
SECTION 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Queen Anne's County
are hereby authorized to borrow upon the faith and credit
of said County an amount not to exceed Fifty Thousand
Dollars ($50,000.) and to issue and sell, from time to
time promissory notes or twenty year serial coupon bonds
not exceeding that amount.
SEC. 2. And be it further enacted, That such notes or
bonds shall bear interest at a rate not exceeding three
(3) per centum and if any bonds are issued they shall
be issued on the serial maturity plan so that one-twen-
tieth of the principal amount of the notes or bonds issued
is retired each year. The County Commissioners of Queen
Anne's County shall by resolution prescribe the form and
tenor of such notes or bonds, the date or dates of issue,
the amounts of issue and the time and place at which
interest is to be paid. Such bonds shall be signed by the
President of the Board of County Commissioners, counter-
signed by the County Treasurer, and the corporate seal
of the County shall be attached thereto by the Clerk
of the County Commissioners and the interest coupons
attached to each of such bonds shall bear the facsimile
signature of the County Treasurer printed, lithographed
or engraved thereon.
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