1044 LAWS OF MARYLAND. [CH. 495

credit of said County in an aggregate par amount equal to
the sum or sums so borrowed. The Board of County Com-
missioners of Calvert County shall, by resolution, adopted
prior to the issuance of any such bonds or the borrowing of
any money, determine the date of issue of such bonds, which
shall be not later than January 1, 1940, the denominations
thereof, the rate of interest to be paid thereon, which shall not
exceed three per centum (3%) per annum and which shall be
payable in semi-annual installments accounting from the date
of issue of such bonds, and said resolution also specify the
form in which such bonds shall be issued. Said bonds when
issued shall be signed by the President of the Board of Coun-
ty Commissioners of Calvert County and the corporate seal of
said County shall be thereto attached, attested by the Clerk
to the Board of County Commissioners of Calvert County, and
the interest coupons attached to each of said bonds shall be
authenticated by the engraved, lithographed or printed sig-
nature of said President. Said bonds shall be and they are
hereby made exempt from any and all State, county and
municipal taxes of any kind or nature whatsoever, including
taxes imposed upon income. Said bonds shall have written or
printed on them the distinct reference to this Act, they shall
be designated as "Calvert County School Bonds of 1939", and
they shall mature and be payable serially in the order of their
consecutive numbers in fifteen (15) annual installments, the
first installment falling due not later than one year from the
date of issue of said bonds, the first three of said annual serial
installments to consist of one of said bonds each in the order
of their consecutive numbers, the fourth installment to consist
of two of said bonds in the order of their consecutive num-
bers, the fifth of said installments to consist of three of said
bonds in the order of their consecutive numbers, the next three
of said installments to consist of four bonds each, in the order
of their consecutive numbers, and the remaining seven of said
installments to consist of five bonds each, in the order of their
consecutive numbers. Said bonds shall be sold by the Board
of County Commissioners of Calvert County at public sale
after two weeks notice having been given of said public sale
by an advertisement or advertisements published in such news-
paper or newspapers as said Board of County Commissioners
of Calvert County shall determine, provided that at least one
of said newspapers shall have a general circulation in Calvert
County. Said advertisement shall set forth the terms and con-
ditions under which said bonds will be sold, shall briefly de-
scribe the terms and conditions of said bonds, and shall offer
the same to the highest bidder or bidders therefor for cash,
describing the method of determining such highest bidder or
bidders in the event said notice shall request the bidders to