828 LAWS OF MARYLAND. [CH. 744

to be paid thereon, the dates of issue, and the time and
place at which interest is to be paid. Such bonds or notes
shall be in coupon form, shall be in denominations of one
hundred ($100. 00) dollars, or any multiple thereof and
may be made registerable as to principal. Such bonds or
serial notes shall be issued upon the fifteen (15) year
serial maturity plan in such manner that one fifteenth of
the bonds or notes shall mature and become payable at
the end of each year after the date of issue until all the
bonds or notes have been paid and retired. Said bonds or
notes shall be signed by the Chairman of the Board of
County Commissioners of Frederick County and the Treas-
urer of said County, and have the corporate seal of Fred-
erick County affixed thereto. The principal amount of said
bonds or notes and every part thereof and the interest
payable thereon shall be and remain exempt from State,
County and municipal taxation.

SEC. 2. And be it further enacted, That out of the
actual cash proceeds from the sale of any of said bonds or
notes shall be first paid the cost of printing and other out-
lays and expenses and charges connected with their issue
and the entire balance of said actual cash proceeds, to-
gether with any interest that may be received on the same,
shall be retained by the County Treasurer of Frederick
County, until needed to pay for the erection and equipment
of new public school buildings in Frederick County, the
purchase of any land necessary therefor, and the erection
of additions to existing public school buildings in said
County. Said payments for the aforesaid purposes, and
for no other purposes, shall be made from time to time by
the County Treasurer to the Board of Education of Fred-
erick County upon the order of the County Commissioners
of Frederick County. The County Commissioners shall not
issue any such order except upon written notification from
the Board of Education of Frederick County that in its
best judgment and discretion an expenditure for any of
aforesaid purposes is necessary, and setting forth the ap-
proximate amount of expenditure and the specific use to.
be made of it. The said Board of Education shall receive
and expend the monies only as herein authorized and shall
account for the same and the expenditure thereof in the
same manner as they account for other monies passing
through their hands.

SEC. 3. And be it further enacted, That the County
Commissioners of Frederick County, for the purpose of
redeeming said bonds or notes at their maturity and for
the purpose of securing the prompt payment of interest