HERBERT R. O'CONOR, GOVERNOR. 627

according to what is known as the serial annuity plan, and
each issue shall be in series, lettered accordingly and to be
known as "Public School Bonds" of the year of issue. The
Board of County Commissioners in the aforesaid resolution
shall fix the date of issue; determine the denomination of each
bond of not less than One Hundred ($100. 00) Dollars, nor
more than One Thousand ($1, 000. 00) Dollars; fix the amount
to be paid each year, provided that no series shall mature more
than 25 years from the date of issue; and fix the rate of interest
to be paid on said bonds or designate how the rate of interest
may be determined when said bonds are offered for sale, pro-
vided said interest rate shall not exceed five per cent (5%)
per annum.

SEC. 3. And be it further enacted, That when the Board of
Education of Prince George's County shall have received from
the Board of County Commissioners their resolution or resolu-
tions, as provided in Sections 1 and 2, hereof, and not before,
the said Board of Education shall be authorized to borrow, on
endorsement of the Board of County Commissioners of Prince
George's County, who are hereby directed to endorse such bonds
on the faith and credit of said County, and in such amount or
amounts as the Board of County Commissioners may authorize
if the same are named in the original resolution of the said
Board of Education.

SEC. 4. And be it further enacted, That the Board of Educa-
tion shall be empowered to sell said. bondsor any part thereof
authorized in the above resolution, by bid of sealed proposals
at the offer which in the discretion of said Board is most ad-
vantageous to the County, after having given such public notice
as it may deem proper of the time, place, manner and terms of
sale, right being reserved to reject any or all bids. Said bonds
shall not be sold except for cash, nor for less than par, and
when issued shall be exempt from State, County and municipal
taxation. Said bonds shall be signed by the President of said
Board of Education of Prince George's County and counter-
signed by the County Superintendent of Schools and endorsed
by the President of the Board of County Commissioners of
Prince George's County and the Clerk to said Board, with the
corporate seals of said Boards; provided that the coupons for
the interest attached thereto may be authenticated by the en-
graved, lithographed or printed signatures of the President of
the said Board of Education and the County Superintendent.
Said bonds may be registered as to the principal by the County
Superintendent of Schools in a separate book kept by him for
that purpose, if such registration is desired. by the holder
thereof. The principal and the interest; thereon shall be paid
at some bank or trust company to be determined by the Board