WM. PRESTON LANE, JR., GOVERNOR. 1657

certificates of indebtedness, or bonds of the County Com-
missioners of St. Mary's County, to be signed by the Presi-
dent of said County Commissioners and the Treasurer of
St. Mary's County, with the seal of the said County affixed
thereto, in such denomination or denominations, payable
at such place and at such date or dates as the said County
Commissioners shall by resolution provide and/or to issue
and sell said notes, certificates of indebtedness, or bonds
upon the faith and credit of the County in such amount or
amounts as said Commissioners shall determine, but the
total amount of such notes and bonds issued under this
Act shall not exceed Two Hundred Thousand Dollars
($200,000).

The said notes, certificates of indebtedness and/or bonds
shall bear interest at such rate or rates, not exceeding
three per cent, per annum, as shall be provided by resolu-
tion of the County Commissioners, and in the event of
issuance of bonds to be evidenced by semi-annual coupons
attached to said bonds and bearing the facsimile signature
of the Treasurer of St. Mary's County. If bonds are issued,
the provisions of Sections 35 and 36 of Article 31 of the
Annotated Code of Maryland (1939 Edition), shall be
complied with. Said County Commissioners are authorized
to borrow under the provisions of this Act by selling the
negotiable promissory notes, certificates of indebtedness
and/or bonds herein authorized, at a discount less than the
principal amount thereof, provided that such discount shall
not exceed three per cent, per annum on the principal of
said loan. The said loan and every part thereof and every
note, bond, coupon or other evidence thereof, and the
interest payable thereon, shall be and remain exempt from
State, County and municipal taxation.

SEC. 3. And be it further enacted, That the proceeds
derived from said loan shall be placed in a special fund
by the County Treasurer, and shall be paid out by him only
on warrants from the County Commissioners, which war-
rants shall be issued only upon proper vouchers presented
by the Board of Education of St. Mary's County for the
erection and equipment of new school buildings and for
additions to and equipment of existing school buildings
in said County.

SEC. 4. And be it further enacted, That for the purpose
of paying the interest on said notes and/or bonds, and for
redeeming said notes and/or bonds as they mature, the
County Commissioners of St. Mary's County shall annually