744 LAWS OF MARYLAND. [CH. 308

per annum, for the purpose of erecting new school build-
ings, purchasing land for new school buildings, payment
of architect's and other professional fees in connection
therewith, alteration or repair of existing school buildings
and equipping of school buildings in Dorchester County,
or for matching Federal funds for such purposes. The first
issue and sale of such bonds shall be in an amount not to
exceed One Million and Three Hundred Thousand Dollars
($1, 300, 000. 00), and subsequent issues and sale of the re-
maining balance of One Million and Seven Hundred Thou-
sand Dollars ($1, 700, 000. 00), shall be made at such time as
The Board of Education of Dorchester may request. Such
bonds shall be designated, "Dorchester County School Con-
struction, Improvement and Equipment Bonds", and shall
be of such denominations and of such type or form, of such
periods of maturity, not exceeding twenty-five (25) years,
and their rate or rates of interest, not exceeding four (4)
per centum per annum, as The County Commissioners of
Dorchester County may deem advisable, and the proceeds
of such sale or sales shall be spent in accordance with the
provisions hereof.

SEC. 2. And be it further enacted, That the County Com-
missioners aforesaid hereby are authorized to borrow,
under the provisions of this Act, from such bank, banker or
trust company, or from any other source, as they shall
from time to time select and to execute and deliver negoti-
able promissory notes or certificates of indebtedness of The
County Commissioners of Dorchester County, to be signed
by the President of said The County Commissioners of
Dorchester County, and the Treasurer of Dorchester Coun-
ty, with the seal of Dorchester County affixed thereto, in
such denomination or denominations, payable to such place
and at such date or dates as the said County Commission-
ers shall by resolution provide and/or to issue and sell said
notes or certificates of indebtedness, upon the faith and
credit of Dorchester County in such amount or amounts
as said Commissioners shall determine, except that the
total amount of such notes, certificates and bonds issued
under this Act, including all of its provisions, shall not ex-
ceed Three Million Dollars ($3, 000, 000. 00). The said notes,
certificates of indebtedness and/or bonds shall bear interest
at such rate or rates, not exceeding four (4) per centum
per annum, as shall be provided by resolution of The
County Commissioners of Dorchester County and, in the
event of issuance of bonds, to be evidenced by semi-annual
coupons attached to said bonds and bearing the facsimile
signature of the Treasurer of Dorchester County. If bonds