1536 LAWS OF MARYLAND. [CH. 643

necessary, provided, however, that the total debt which may
be incurred pursuant to the authority of this Act shall not
exceed Twenty-One Million Dollars (f21, 000, 000. 00), and
provided further that no bonds shall be issued under the
authority of this Act unless and until the same shall have
been approved by majority of the registered and qualified
voters of Baltimore County voting on one or more referenda
in a general election in the County or at any special election
specially called and held for that purpose.

SEC. 3. And ~bv it further enacted, That, subject to the fore-
going limitations, the County shall, before borrowing any
money or issuing any bonds pursuant to the authority of this
Act, adopt a resolution describing the public school or
schools for which said borrowing or indebtedness is intended,
the amount needed for said purposes, the approval of such bor-
rowing by prior referenda, as above required, and determining
to borrow money or incur indebtedness for all or a part of
the amount so needed, and to issue its bonds to evidence such
borrowing or indebtedness. Each series or group of said
bonds shall be issued to mature in annual serial installments,
the last installment to mature not later than forty (40) years
from the date of issue of said group or series. In said reso-
lution, said County 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 consecutive annual installments. Subject
to the limitations herein contained, said County shall have
and is hereby granted full and complete authority and discre-
tion 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 arriving 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 issu-
ance, 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 deter-
mined by said resolution, and said bonds may, by said resolu-
tion, 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 County, either in said
resolution or in subsequent resolutions, but prior to the
issuance of said bonds. The principal of and the interest
on said bonds may be made payable in any lawful medium.
Said resolution shall determine the form of said bonds, in-