WM. PRESTON LANE, JR., GOVERNOR. 13

and they are hereby authorized and empowered to borrow
upon the Faith and credit of said County the sum of Three
Hundred Thousand Dollars ($300,000.) at a rate of interest
not to exceed three per cent. (3%) per annum, and to issue
notes and/or bonds therefor, for the purpose of erecting a
new consolidated elementary school for the North Beach-
Chesapeake Beach-Randall Cliff area in the Third Election
District of Calvert County, altering and remodeling the Fair-
view Consolidated Elementary School in said Election Dis-
trict, and expanding the facilities and buildings at Brooks
High School in Prince Frederick.

SEC. 2. And be it further enacted, That the said County
Commissioners are hereby authorized and empowered to bor-
row under the provisions of this Act, from such bank, banker
or trust company, or from any other source, as they shall
from time to time select. The said County Commissioners are
authorized to execute and deliver negotiable promissory
notes, certificates of indebtedness, or bonds of the County
Commissioners of Calvert County, to be signed by the Presi-
dent of said County Commissioners and the Treasurer of
Calvert County, with the seal of the said County affixed
thereto, in such denomination or denominations, payable at
such place and at such date or dates as the said County Com-
missioners shall by resolution provide and/or to issue and
sell said notes, certificates of indebtedness, or bonds upon the
faith and credit of the County in such amount or amounts as
said Commissioners shall determine, but the total amount of
such notes and bonds issued under this Act shall not exceed
Three Hundred Thousand Dollars ($300,000.)

The said notes, certificates of indebtedness and/or bonds
shall bear interest at such rate or rates, not exceeding three
per cent. (3%) per annum, as shall be provided by resolution
of the County Commissioners, and in the event of issuance
of bonds to be evidenced by semi-annual coupons attached to
said bonds and bearing the facsimile signature of the Treas-
urer of Calvert County. If bonds are issued, the provisions
of Sections 35 and 36 of Article 31 of the Annotated Code of
Maryland (1939 Edition), shall be complied with. Said
County Commissioners are authorized to borrow under the
provisions of this Act by selling the negotiable promissory
notes, certificates of indebtedness and/or bonds herein
authorized, at a discount less than the principal amount
thereof, provided that such discount shall not exceed three
per cent. (3%) per annum on the principal of said loan.
The said loan and every part thereof and every note, bond,
coupon or other evidence thereof, and the interest payable
thereon, shall be and remain exempt from State, County and
municipal taxation.