962 LAWS OF MARYLAND. [CH. 501

CHAPTER 501.

AN ACT to authorize, empower and direct the Board of
County Commissioners of Montgomery County to borrow
upon the faith and credit of said county, to the amount of
Four Hundred Fifty Thousand Dollars ($450, 000. 00), and
to issue and sell bonds therefor, the proceeds thereof to be
used by the Board of Education of Montgomery County in
purchasing school sites and the erection, equipment, enlarge-
ment, repair or remodeling of school buildings; and to pro-
vide for the payment of interest on said bonds, and of the
principal thereof, by the levy of taxes.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of County Commissioners of Mont-
gomery County be and they are hereby authorized, empowered
and directed to issue serial coupon bonds on the faith and credit
of said county, to the amount of Four Hundred Fifty Thou-
sand Dollars ($450, 000. 00) par value, said bonds, to be issued
in denominations of one hundred dollars ($100. 00) or any
multiple thereof, to bear interest at a rate not exceeding five
per centum (5%) per annum, payable semi-annually in each
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, (provided 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) to have the corporate seal of said Board of County
Commissioners of Montgomery County affixed thereto, and to
be exempt from all State, county and municipal taxes. The
said bonds shall have written or printed on them a distinct
reference to the Act authorizing the issue, and shall be desig-
nated as "Montgomery County School Bonds of 1927. "

SEC. 2. And be it further enacted, That the said County
Commissioners of Montgomery County are authorized and
directed to issue the said bonds and sell the same at such time
and in such amounts as they may be called upon so to do by the
Board of Education of said County until the whole amount of
Four Hundred Fifty Thousand Dollars ($450, 000. 00) shall
have been issued and sold. The said bonds shall be issued in
series maturing as said County Commissioners shall determine,
but none of said bonds shall be issued for a longer period than