WM. PRESTON LANE, JR., GOVERNOR. 759

As indicated in the foregoing form, the guaranty on each
such note shall, when presented to him by the Board of
Education with appropriate evidence of the compliance of said
note with this Act, be endorsed by the President of the Board
of County Commissioners of Anne Arundel County and the
seal of said County shall be affixed to such note, duly attested
by the Clerk to said Board of County Commissioners. All
notes authorized hereby may bear such rate or rates of in-
terest, not exceeding four per centum (4%) per annum as
may be agreed upon between said Board of Education and
the lender or lenders of the money, in evidence of the loan
of which, any such note is issued. No such note shall be issued
in a face amount greater than the amount of money with re-
spect to which it is issued and no loan may be made by said
Board of Education hereunder pursuant to which interest
is discounted by the lender in advance. The proceeds of any
loan effected pursuant to the authority of this Act shall be
paid directly to the Treasurer of the Board of Education of
Anne Arundel County who shall hold said funds as trust
funds and shall be responsible for the disbursement thereof
only in accordance with vouchers submitted by said Board
of Education of Anne Arundel County.

SEC. 3. And be it further enacted, That if said Board of
Education shall elect to exercise any of the authority hereby
conferred, it shall first adopt a resolution outlining generally
the public school construction projects upon which the money
borrowed is to be expended and adopting the form of note
to be used in accordance with the provisions hereof. A cer-
tified copy of said resolution shall, promptly after its passage,
be filed with the County Commissioners of Anne Arundel
County.

Thereafter sai'd Board shall, each time the borrowing of
money hereunder becomes necessary for said school construc-
tion program, adopt a simple resolution specifying the proj-
ects for which money is needed and authorizing the Super-
intendent of Schools of Anne Arundel County to negotiate
a loan in a specified amount and to evidence said loan by
the issuance of one or more of the notes authorized hereby,
in face amount aggregating the amount borrowed. Said
Board shall adopt similar resolutions whenever any such
notes are renewed or renewal notes are issued pursuant to the
authority hereof.

Said funds may be borrowed for, and expended upon, the
purposes of carrying out, in whole or in part, the present
school construction program of said Board of Education of
Anne Arundel Cunty which shall include, without limitation,
the following: the construction, reconstruction, improve-