40 LAWS OF MARYLAND. [CH. 15

Section 1 of this Act, said County is hereby granted the power
and authority to borrow not exceeding One Million Five
Hundred Thousand Dollars ($1,500,000.00) for public schools
and not exceeding One Million Five Hundred Thousand Dol-
lars ($1,500,000.00) for roads, both as above denned, and to
evidence said borrowing by the,issuance of its general obliga-
tion serial maturity bonds, upon the terms and conditions
hereinafter set forth. Before borrowing any money or issuing
any bonds pursuant to the authority of this Act, the Board
of County Commissioners of Carroll County shall adopt a
resolution describing the public schools or the roads, or both
for which said borrowing is intended, the amount needed to
finance said public schools or roads and determining to bor-
row money for all or a part of the amount so needed and to
issue its bonds to evidence such borrowing. Each series or
group of said bonds shall be issued to mature in annual serial
installments, the last installment to mature not later than
twenty (20) years from the date of issue of said group or series.
In said resolution, said Board of County Commissioners shall
fix the annual serial maturity plan with respect to the bonds
to be issued thereunder and said annual serial maturities
shall be so fixed as to conform to the general financial plans
of the County but need not be in equal par amounts or in con-
secutive annual installments. Within the limitations hereby
prescribed, said County shall have and is hereby granted full
and complete authority and discretion to fix and determine,
in said resolution, the form and tenor of any such bonds, the
rate or rates of interest payable thereon, or the method of arriv-
ing at the same, the date or dates upon which said bonds shall
respectively mature and be payable, the manner of selling said
bonds at public sale, and generally all matters incident or
necessary to the issuance, sale and delivery thereof. The
bonds of each such issue shall be dated, shall bear interest at
such rate or rates not exceeding five per centum (5%) per
annum, payable semi-annually, shall mature at such time or
times as may be determined by said resolution, and said bonds
may, by said resolution, be made redeemable before maturity,
at the option of the County, at such price or prices and under
such terms and conditions as may be fixed by said Board of
County Commissioners, either in said resolution or in sub-
sequent resolutions, but prior to the issuance of said bonds.
The principal of and the interest on said obligations may be
made payable in any lawful medium. Said resolution shall
determine the form of said bonds, including any interest
coupons to be attached thereto, and the manner of executing
the same, and shall fix the denomination or denominations of
the bonds and the place or places of payment of the principal
and the interest thereon, which may be at any bank or trust
company within or without the State of Maryland. In case
any officer whose signature shall appear on any such bond.