134 LAWS OF MARYLAND. [CH. 90

provide for the issuance of said bonds, and to defray the
costs and expenses thereof.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of said Talbot County
be, and they are hereby authorized to borrow on or before July
1, 1939, on the faith and credit of said Talbot County the sum
of One Hundred Thousand Dollars ($100, 000. 00), and to issue
coupon bonds therefor in the sum of One Thousand Dollars
($ 1,000) each, and in accordance with the serial numbers and
designations, as hereinafter provided; each of said bonds shall
be signed by the President of the Board of County Commis-
sioners of Talbot County and to be sealed with the corporate
seal of the said County Commissioners for Talbot County duly
attested by the County Treasurer for said County. Said bonds
shall be dated at such time as the said County Commissioners
shall determine and shall be named or denominated "Talbot
County General School Loan Bonds 1937" and said bonds
shall bear interest at the rate not to exceed four and one-half
(41/2%) per centum per annum, and payable semi-annually, ac-
counting from the date of the issue of said bonds, and shall
be sold by the County Commissioners of Talbot County, as is
hereinafter provided, but none of said bonds shall be sold
after July 1, 1939.

SEC. 2. And be it further enacted, That the proceeds of the
sale of said bonds shall be deposited by the said County Com-
missioners for Talbot County in some bank, or banks, located
in Talbot County, upon the best rate of interest possible, and
shall be turned over or paid by the said Commissioners, unto
the Board of Education for Talbot County, from time to time,
as said Board of Education may require the same, and shall
be used for the purchase of a lot and for the construction and
equipment of a High School building at St. Michaels and for
improvement and alterations to the old High School building
in St. Michaels, and the said Board of Education is authorized
and empowered to use and apply the said moneys for the uses
and purposes aforesaid.

SEC- 3. And be it further enacted, That in issuing said
bonds for said loan, as herein provided, the Board of County
Commissioners for Talbot County shall issue said bonds in
accordance to what is known as the Serial Annuity Plan, and
each series, as provided herein, shall be lettered, beginning
with "A" and so on down the alphabet, as hereinafter set forth,
until the said amount of One Hundred Thousand Dollars
($100, 000. 00) shall have been provided for and issued, and so
that the entire principal shall become due and payable, and all
of the bonds shall become redeemable, as follows: