WM. PRESTON LANE, JR., GOVERNOR. 757

due and payable on fixed or determinable dates within twenty-
four (24) months of their respective dates of issue so that
the last of any such notes shall be due and payable on or before
June 1, 1954. Said Board of Education may borrow money
and issue its notes hereunder without prior public notice or
solicitation of bids from prospective lenders and none of the
provisions of Sections 34, 35 and 36 of Article 31 of the Code
of Public General Laws of Maryland (1939 Edition) shall
limit or affect the authority granted said Board hereby.
Notwithstanding any limitations or provisions which may
be contained in any of said notes, they shall possess all the
attributes of negotiable instruments under the Negotiable
Instruments Law of the State of Maryland, in accordance
with Section 33 of Article 31 of said Code of Public General
Laws of Maryland (1939 Edition). If desired by the lender
or lenders, said Board of Education may issue one or more
of said notes with respect to any single loan and said notes
may be made payable on different due dates and may bear
different rates of interest, but all such notes shall bear the
same date of issue. If acceptable to the lender or lenders,
any of said notes may contain a covenant providing for the
renewal of not more than seventy-five per cent (75%) of the
principal amount thereof for one period not longer than its
original term, at the same rate of interest or at such differ-
ent rate as may be fixed in said covenant, provided, however,
that no such renewal shall extend the due date of said note
beyond June 1, 1954. Any such renewal may be accomplished
by a simple endorsement on the note renewed, on behalf of
the lender and said Board of Education, and said renewal
shall extend, for the period thereof, the guaranty by the
County Commissioners of Anne Arundel County, without
further endorsement thereof. In like manner as herein pro-
vided, said Board of Education may, at or before the due
date of any note issued hereunder other than a renewed or
renewal note, borrow not more than seventy-five per cent
(75%) of the principal amount of any such maturing note
and evidence said borrowing by the issuance of one or more
notes totalling the amount borrowed, said note or notes to
be clearly stamped as renewal notes and to bear the guaranty
of the County Commissioners of Anne Arundel County. Any
funds, other than a premium and accrued interest, realized
on a renewal note or notes shall be used exclusively for
payment on account of the principal debt evidenced by the
maturing note or notes with respect to which said renewal
note or notes are issued.

SEC. 2. And be it further enacted, That any note issued
pursuant to the foregoing authority shall be in the form of