898 LAWS OF MARYLAND. [CH. 453

of said County in an amount not to exceed Two Hundred
Thousand Dollars ($200, 000. 00), and to issue and sell bonds
of said amount, or pledge the same as collateral with any
federal or private body authorized to lend money to said
County for the purchase of the Crisfield High School and of
new school sites, for the erection of new school buildings,
for additions, alterations and improvements in old school
buildings, for improving present school grounds, for equip-
ping, heating, lighting, ventilating and sanitation in present
and new school buildings, to provide for an annual levy on
all the assessable property of Somerset County, to pay the
principal and interest on said bonds when due, to provide
for a referendum on said Act, and to provide that said Act
shall be passed as an emergency law.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Somerset County be
and they are hereby authorized and directed to issue, from
time to time, in conformance with the provisions of Section 2
hereof, serial coupon bonds upon the faith and credit of said
County to the Amount of Two Hundred Thousand Dollars
($200, 000. 00) par value, in the denomination of One Hundred
Dollars ($100. 00), or any multiple thereof as may seem advis-
able to the County Commissioners of Somerset County, to bear
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 four and one-half per cent per annum, to
be determined by said County Commissioners of Somerset
County; said bonds when issued shall be signed by the Chair-
man, or any two, of the County Commissioners of Somerset
County and countersigned by the Clerk thereof, (provided that
the coupon for the interest thereof may be authenticated by
the engraved, lithographed or printed signature of the Chair-
man, or any two, of said County Commissioners of Somerset
County); and shall have the corporate seal of said County
Commissioners of Somerset 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 designated
as "Somerset County School Bonds, Issue of 1937", and the
said bonds when issued, and all interest thereon, shall be ex-
empt from State, County and Municipal taxation in Maryland;
and said bonds may be made subject to registration upon such
terms and conditions as said County Commissioners of Somer-
set County may, by resolution, deem proper. The principal
and the interest thereof may be made payable at some bank
or trust company to be determined by the County Commission-
ers and the place of payment shall be stated on the bonds and
on the coupons. In case such bonds or any of them shall be
issued in any year after the making of the annual levy for the