306 LAWS OF MARYLAND [CH. 42

the remaining balance of One Million and Seven Hundred
Thousand Dollars ($1,700,000.00), shall be made at such
time as The Board of Education of Dorchester County and
The County Commissioners of Dorchester County may
jointly agree. Such bonds shall be designated, "Dorchester
County School Construction, Improvement and Equipment
Bonds," and shall be of such denominations and of such
type or form, of such periods of maturity, not exceeding
twenty-five (25) years, and their rate or rates of interest,
not exceeding four (4) per centum per annum, as The
County Commissioners of Dorchester County may deem
advisable, and the proceeds of such sale or sales shall be
spent in accordance with the provisions hereof.

SEC. 2. And be it further enacted, That The County
Commissioners aforesaid hereby are authorized to borrow,
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 and to execute and deliver negotia-
ble promissory notes or certificates of indebtedness of The
County Commissioners of Dorchester County, to be signed
by the President of said The County Commissioners of
Dorchester County, and the Treasurer of Dorchester Coun-
ty, with the seal of Dorchester County affixed thereto, in
such denomination or denominations, payable to such place
and at such date or dates as the said The County Commis-
sioners shall by resolution provide and/or to issue and sell
said notes or certificates of indebtedness, upon the faith
and credit of Dorchester County in such amount or
amounts as said Commissioners shall determine, except
that the total amount of such notes, certificates and bonds
issued under this Act, including all of its provisions, shall
not exceed Three Million Dollars ($3,000,000.00). The said
notes, certificates of indebtedness and/or bonds shall bear
interest at such rate or rates, not exceeding four (4) per
centum per annum, as shall be provided by resolution of
The County Commissioners of Dorchester County 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 Dorchester County.
If bonds are issued, such issue and sale shall be exempt
from the provisions of Sections 35 and 36 of Article 31 of
the Annotated Code of Maryland (1939 Edition). The said
loan and every part thereof and every note, certificate of
indebtedness, bond, coupon or other evidence thereof, and
the interest payable thereon, shall be and remain exempt
from State, County and municipal taxation.