114 LAWS OF MARYLAND. [CH. 49

Three Hundred and Fifty Thousand Dollars ($350,000) at
a rate of interest not to exceed three per cent, and to issue
notes and/or bonds therefor, for the purpose of' erecting
and equipping school buildings and building additions to
existing school buildings, and equipping same; and provid-
ing for the levying of taxes by said County Commissioners
to repay the loan and interest thereon, and providing that
said loan and every part thereof and the interest payable
thereon, shall remain exempt from State, County and
municipal taxation, and providing for a referendum thereon.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of St. Mary's County be
and they are hereby authorized and empowered to borrow at
such time or times as they may decide, upon the faith and
credit of St. Mary's County, a sum or sums of money not to
exceed Three Hundred and Fifty Thousand Dollars ($350,-
000), at a rate of interest not to exceed three per cent, per
annum, for the purpose of erecting new school buildings, pur-
chase of land for said buildings, architect and other profes-
sional fees in connection with said buildings, alterations of
existing school buildings, and equipping said school buildings
in St. Mary's County.

SEC. 2. And be it further enacted, That the said County
"Commissioners are hereby authorized to borrow under the
provisions of this Act, from such bank, banker or trust com-
pany, 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 St.
Mary's County, to be signed by the President of said County
Commissioners and the Treasurer of St. Mary's County, with
the seal of the said County affixed thereto, in such denomina-
tion or denominations, payable at such place and at such
date or dates as the said County Commissioners shall by
resolution provide and/or to issue and sell said notes, cer-
tificates of indebtedness, or bonds upon the faith and credit
of the County in such amount or amounts as said Commis-
sioners shall determine, but the total amount of such notes
and bonds issued under this Act shall not exceed Three Hun-
dred and Fifty Thousand Dollars ($350,000).

The said notes, certificates of indebtedness and/or bonds
shall bear interest at such rate or rates, not exceeding three
per cent, 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 Treasurer of St.
Mary's County. If bonds are issued, the provisions of Sec-
tions 35 and 36 of Article 31 of the Annotated Code of Mary-
land (1939 Edition), shall be complied with. Said County