WM. PRESTON LANE, JR., GOVERNOR. 115

Commissioners are authorized to borrow under the provisions
of this Act by selling the negotiable promissory notes, cer-
tificates 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, per an-
num 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.

SEC. 3. And be it further enacted. That the proceeds de-
rived from said loan shall be placed in a special fund by the
County Treasurer, and shall be paid out by him. only on war-
rants from the County Commissioners, which warrants shall
be issued only upon proper vouchers presented by the Board
of Education of St. Mary's County for the erection and equip-
ment of new school buildings and for additions to and equip-
ment of existing school buildings in said County.

SEC. 4. And tie it further enacted, That for the purpose of
paying the interest on said notes and/or bonds and for re-
deeming said notes and/or bonds as they mature, the County
Commissioners of St. Mary's County shall apply all monies,
or so much thereof as may be necessary, received from the
State of Maryland under the provisions of said Section 199C
of Article 77 of the Annotated Code of Maryland (1947
Supplement), as said section may be amended from time to
time, providing for an Incentive Fund for school building. In
the event the Incentive Fund received from the State is not
sufficient to pay the interest on said notes and/or bonds and
the principal thereof, then the said County Commissioners
shall pay the deficit thereof out of the General Funds of the
County or shall levy sufficient taxes to pay said deficit. Any
taxes which may be levied under this Act shall be collected
in the same manner as other taxes are levied and collected
in said County.

SEC. 5. And tie it .further enacted, That before the pro-
visions of this Act shall become effective, the County Com-
missioners of St. Mary's County shall submit the question to
the qualified voters of said County, at the regular general
election to be held in said County in November, 1948. Notice
of such submission shall be given by the County Commission-
ers by publication in a newspaper of general circulation in
the County, at least two weeks before the said election. The
title of this Act shall be printed on the ballots to be used at
said election and underneath thereof there shall be the follow-
ing: "For School Loan" and "Against School Loan", with a
blank square opposite and to the right of each set of said
words, in which the voter shall indicate his choice by mark-
ing a cross mark (X). If a majority of the persons voting