WM. PRESTON LANE, JR., GOVERNOR. 939

credit and upon the full faith and credit of the County, of its
serial maturity coupon bonds, in the manner and upon the
terms and conditions hereinafter set forth. Such bonds may
be issued from time to time as funds for such public school
acquisition shall become necessary, provided, however, that
the total debt which may be incurred pursuant to the authority
of this Act shall not exceed Three Million, Five Hundred
Thousand Dollars ($3, 500, 000. 00).

SEC. 3. And be it further enacted, That before borrowing
any money or issuing any bonds pursuant to the authority of
this Act, the Board shall adopt a resolution describing the
public school or schools for which said borrowing or indebted-
ness is intended, the amount needed for said purposes, 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 group of
said bonds shall be issued to mature in annual serial install-
ments, the last installment to mature not later than twenty-
five (25) years from the date of issue of said group. In said
resolution, said Board 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.
Said Board shall have and is hereby granted full and com-
plete authority and discretion 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 issuance, sale and delivery thereof. The
bonds of each such issue shall bear interest at not exceeding
five per centum (5%) per annum, payable semi-annually, and,
if requested by the County, said bonds shall, 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. 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, including the interest coupons to be attached
thereto, and the manner of executing the same, and shall fix
the denomination or denominations of the bonds and the
place or places of payment of the principal and the interest
thereon, which may be at any bank or trust company within
or without the State of Maryland. There shall be endorsed
on each bond the unconditional guaranty of the County Com-