WM. PRESTON LANE, JR., GOVERNOR. 1545

funding bonds authorized by Section 7 hereof, if the par value
thereof shall exceed an amount equal to one-quarter (*4) of
one per centum (1%) of the then assessed value of all real
and. personal property subject to assessment for unlimited
taxation by said County, unless all the bonds so proposed to
be issued shall have been previously approved by a majority
of the qualified voters of the County casting their ballots at
a referendum thereon, duly called and held in the manner
prescribed by Section 10 of this Act.

In determining whether the debt limitation fixed in Sub-
paragraph (a) above shall have been reached at any time,
the County shall not take into account any bonds which have
been retired by the County at maturity or redeemed or pur-
chased by the County for the purposes of retirement in ad-
vance of maturity, nor shall it take into account any un-
exercised authority to borrow money conferred or imposed
upon it by the Public General Laws of Maryland or by
Chapter 342 of the Acts of the General Assembly of Mary-
land, passed at its January Session in the year 1947. The
authority to borrow money and issue bonds conferred on the
County by the Acts of Assembly listed below is hereby with-
drawn to the extent that the same has not heretofore been
exercised and, accordingly, the par value of the authorized
but unissued bonds under said Acts of Assembly shall like-
wise not be taken into account in computing said debt limi-
tation: Chapter 243, Acts of 1922; Chapters 31 and 32, Acts
of 1924; Chapter 1, Acts of 1927; Chapter 30, Acts of 1929.
In determining the amount of the debt limitation on the
annual issuance of bonds hereunder without referendum, the
County shall not be obliged to take into consideration any
prior indebtedness, whether authorized or outstanding under
this or any other Act of Assembly.

SEC. 4. And be it further enacted, That after approval of
any borrowing by referendum, if the same shall be required
under Section 3 of this Act, and before borrowing any
money or issuing any bonds pursuant to the authority of
this Act, the Board of County Commissioners of Baltimore
County shall adopt a resolution describing the public facility
or facilities for which said borrowing or indebtedness is in-
tended, the amount needed to finance said public facility or
facilities and determining to borrow money or incur indebt-
edness 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 thirty (30) years from the date of issue of
said group or series. In said resolution, said Board of