1254 LAWS OF MARYLAND [CH. 663

for the payment of the interest on said bonds and of the
principal thereof as the same shall mature; and to provide
for the levying of taxes for the purpose of paying said
interest and to create a sinking fund for the liquidation
of said bonds; and providing that before the issuance of
said bonds the question of the issuance thereof shall be
submitted to a vote of the duly registered voters of Carroll
County at the election to be held in said county on the
Tuesday after the first Monday in November, 1920.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Carroll County, in
order to provide funds necessary for the erection and equip-
ment of new public school buildings and the enlargement and
equipment of new public school buildings and the enlargement
and equipment and permanent improvement of old public
school buildings, and for the construction and permanent im-
provement of public roads in said county whenever and wher-
ever the said County Commissioners shall determine that such
construction or improvement is necessary, are hereby author-
ized and empowered to borrow money on the faith and credit
of said county and to issue and sell coupon bonds therefor to an
amount not to exceed six hundred thousand dollars ($600,-
000.00) in denominations of five hundred dollars ($500.00)
and one thousand dollars ($1,000.00), to bear interest at a
rate not exceeding five (5) per centum per annum, payable
semi-annually on the first day of January and the first day of
July in each and every year until the same shall be paid,
coupons to be attached to said bonds for each of said semi-
annual interest payments to be signed by the President of the
said County Commissioners, the said signature either to be
printed or written thereon, the said bonds also to be signed
by the said President and by the Treasurer of said county, and
to have the corporate seal of said Carroll County affixed
thereto and said loan and every part thereof and the interest
payable thereon shall be and remain exempt from State,
county and municipal taxes.

SEC. 2. And be it further enacted, That of the said sum of
not exceeding six hundred thousand dollars, so borrowed, the
said County Commissioners are hereby authorized and em-
powered to expend for the purpose of erecting and equipping
new public school buildings and enlarging, equipping and