822 LAWS OF MARYLAND. [CH. 419

interest from date, payable semi-annually in each year during
which said bonds shall be outstanding and remain unpaid at a
rate not to exceed five per cent, per annum, to be determined
by said County Commissioners of Allegany County; said bonds
when issued shall be signed by the President of the County
Commissioners of Allegany County and countersigned by the
Clerk thereof, (provided that the coupon for the interest there-
of may be authenticated by the engraved lithograph or printed
signature of the President of said County Commissioners of
Allegany County); and shall have the corporate seal of said
County Commissioners of Allegany County affixed thereto, and
shall have written or printed on them a distinct reference to
the Act directing the issue of the same, and shall be desig-
nated as "Allegany County School Bonds, Issue of 1937", and
the said bonds when issued, and all interest thereon, shall be
exempt from State, County and Municipal taxation in Mary-
land; and said bonds may be made subject to registration upon
such terms and conditions as said County Commissioners of
Allegany County may, by resolution, deem proper.

SEC. 2. And be it further enacted, That the said County
Commissioners of Allegany County are hereby authorized and
empowered to issue the said bonds and sell the same at such
time or times, and in such amounts, as the Board of Education
of Allegany County may request. Said bonds shall be dated on
such date as the County Commissioners of Allegany County
shall determine, and shall be so issued that a series of said
bonds, to the amount of Fifteen Thousand (fl5. 000. 00) Dol-
lars, shall mature and become payable six years from the date
thereof, and like series to the amount of Fifteen Thousand
($ 15, 000. 00) Dollars shall mature and become payable in each
succeeding year until the whole amount thereof shall have
been redeemed, so that the last series of said bonds shall fall
due and become payable at the end of forty-five years from the
date of the issue thereof. Said bonds may be sold after such
advertisement, and upon such terms and conditions as the
County Commissioners of Allegany County may prescribe, to
the highest bidder or bidders therefor, reserving to said County
Commissioners the right to reject any and all bids; or in lieu
of the sale thereof, said County Commissioners of Allegany
County shall have the power and are hereby authorized to
pledge the said bonds, or any of them, as collateral with the
United States of America, or any agency thereof, or with any
other person, public or private, authorized to lend money
thereon, for a loan equal to a sum of not less than the par
value of the bonds so pledged, and if so issued and pledged,
the said bonds shall be secured as to redemption at maturity,
and payment of interest thereon in as full a manner as though