802 LAWS OF MARYLAND. [CH. 467

CHAPTER 467.
(House Bill 802)

AN ACT to authorize and empower the County Commissioners
of Talbot County to borrow an amount not to exceed Five
Hundred Thousand Dollars ($500,000.00), and to issue
notes and/or bonds therefor, for the purpose of making
additions or alterations to existing school buildings, to
acquire land and construct new schools, to provide for the
levy of taxes to retire said notes and/or bonds, and to
appoint an Advisory Committee to survey the existing edu-
cational system and facilities and make recommendations
for such additions, alterations or new construction of
schools.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Talbot County, a
body corporate, in order to provide funds for the purpose of
making additions or alterations to existing school buildings,
to purchase land and erect thereon new school buildings, to
purchase new equipment for existing and newly constructed
schools and to pay architects and other professional fees
in connection with such construction, is hereby authorized
and empowered to borrow, from time to time, in such amounts
as it shall deem necessary, money on the faith and credit of
said County, and to issue therefor notes or bonds, provided
that in the aggregate said notes and bonds shall not exceed
the sum of Five Hundred Thousand Dollars ($500,000.00),
and provided that said notes and/or bonds shall bear a rate
of interest not exceeding four per cent per annum; and pro-
vided further that if said money or any part thereof shall
be borrowed by note or notes, such note or notes shall be
signed by the President of the County Commissioners and
the Treasurer of Talbot County and have the seal of said
County affixed thereto; and provided further, that if said
money or any part thereof shall be borrowed by the sale of
bonds that said bonds shall be designated "Public School
Bonds of Talbot County", and shall be of such denomination
or denominations, callable or non-callable, and of such type,
or form, and of such period of maturity as the said The
County Commissioners of Talbot County may deem advisable,
and said bonds shall be signed by the President of said The
County Commissioners of Talbot County and the Treasurer
of said County and have the corporate seal of said Talbot
County affixed thereto, and the principal amount of said
bonds and the interest payable thereon shall be and remain
exempt from taxation by the State of Maryland and by the
Counties and Municipalities of said State; provided further