WM. PRESTON LANE, JR., GOVERNOR. 1561

Dollars ($2, 500, 000), and provided that said notes and/or
bonds shall bear a rate of interest not exceeding four per
cent per annum; and provided further that if said money
or any part thereof shall be borrowed by note or notes, such
note or notes shall be signed by the President of the County
Commissioners and the Treasurer of Frederick County and
have the seal of said County affixed thereto; and provided
further that if said money or any part thereof shall be bor-
rowed by the sale of bonds that said bonds shall be desig-
nated "Public School Bonds of Frederick County", said
bonds shall be serial type bonds, either registered or coupon,
and issued in such denominations and at such rate of inter-
est, not exceeding 4%, payable semi-annually, as shall be
determined by the County Commissioners of Frederick Coun-
ty, and shall mature in not exceeding twenty-five years from
date of issue, and shall forever be exempt from State, County
and Municipal taxation. Said bonds shall be signed by the
President of the Commissioners, with the Corporate Seal of
Frederick County attached thereto, attested by the Treasurer
of said County, and if coupon bonds, the coupons thereon
shall be signed by the Treasurer of Frederick County, or a
facsimile of his signature shall be stamped, printed or en-
graved thereon. If bonds shall be issued, they shall be sold
in accordance with the provisions of Sections 35 and 36 of
Article 31 of the Annotated Code of Maryland (1939 Edi-
tion and 1947 Supplement).

SEC. 2. And be it -further enacted, That out of the actual
cash proceeds from the sale of any of said bonds and/or
notes shall be first paid the cost of printing and other outlays
and expenses and charges connected with their issue and the
entire balance of said actual cash proceeds, together 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, grading and improvement
of any land necessary therefor, and the erection of additions
to or alteration of 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 Frederick
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 approximate
amount of expenditure and the specific use to be made of it.