W\r. PRESTON LANE, JR., GOVERNOR. 377

and they are hereby authorized and empowered to borrow at
such time or times as they may decide, upon the faith and
credit of Harford County, a sum or sums of money not to ex-
ceed Four Million Dollars ($4,000,000), at a rate of interest
not to exceed five per cent. (5%) per annum, for the purpose
of erecting new school buildings, purchase of land for said
buildings, architect and other professional fees in connection
with said buildings, alterations of existing school buildings,
and equipping said school buildings in Harford County.

SEC. 2. And be it further enacted, That the said County
Commissioners are hereby authorized to borrow, under the
provisions of this Act, from such bank, banker or trust com-
pany, or from any other source, as they shall from time to
time select. The said County Commissioners are authorized to
execute and deliver negotiable promissory notes, certificates
of indebtedness, or bonds of the County Commissioners of Har-
ford County, to be signed by the President of said County
Commissioners and the Treasurer of Harford 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 in-
debtedness, or bonds upon the faith and credit of the County
in such amount or amounts as said Commissioners shall de-
termine, but the total amount of such notes and bonds issued
under this Act shall not exceed $4,000,000. The said notes,
certificates of indebtedness and/or bonds shall bear interest
at such rate or rates, not exceeding 5% per annum, as shall be
provided by resolution 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 Harford 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 com-
plied with. Said County Commissioners are authorized to
borrow under the provisions of this Act by selling the nego-
tiable 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
5% 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, de-
rived from said loan shall be placed in a special fund by the