492 LAWS OF MARYLAND. [CH. 258

to bear interest from date of issue thereof at a rate not to ex-
ceed three and one-half (31/2%) per cent per annum, payable
semi-annually on the first days of January and July, in each and
every year during which said bonds shall be outstanding and
remain unpaid, to be signed by the President of the Board of
County Commissioners of said County, and countersigned by
the Clerk thereof, and that the coupons for the interest thereon
may be authenticated by the engraved, lithographed or printed
signature of the President of said Board of County Commis-
sioners, or the Clerk thereof, and to bear the corporate seal of
said Board of County Commissioners for Frederick County
affixed thereto, and to be exempt from any and all State,
county and municipal taxes. The said bonds shall have writ-
ten or printed on them a distinct reference to the Act author-
izing the issue, and shall be designated as "Frederick County
School Bonds of 1937. "

SEC. 2. And be it further enacted, That the said bonds shall
be issued in series to mature at such time or times as said
Board of County Commissioners shall determine, but said
bonds shall be so issued that all of them shall mature and be-
come payable within fifteen years from the date of issue.

SEC. 3. And be it further enacted, That the actual proceeds
of the sale of said bonds shall be used exclusively for the fol-
lowing purposes, to wit: (a) for the payment of the cost of
engraving or printing of said bonds and for the payment of the
cost of advertising authorized by this Act and all other inci-
dental expenses in connection with the issuance of said bonds;
(b) The remainder of the proceeds of the sale of said bonds
shall be paid over to the Board of Education of Frederick
County and shall be used, expended and applied by the said
Board for the following purposes and in the following amounts
to wit:

(1) The sum of $250, 000. 00 or so much thereof as may be
necessary for the construction and equipment of a public high
school building in Frederick City and for any school site there-
for.

(2) The sum of $30, 000. 00 or so much thereof as may be
necessary for the construction and equipment of a colored ele-
mentary school to be located on the land adjacent to Lincoln
High School in Frederick City.

(3) All the proceeds of said bond issue remaining after the
payment of all costs and expenses incident to the acquisition
of a site, erection of buildings and equipment thereof as here-
inbefore specified shall be expended by the Board of Education
first for emergencies and variations and costs of estimates in
the specified improvements herein mentioned and for their