1340 LAWS OF MARYLAND [CH. 475

CHAPTER 475

(Senate Bill 471)

AN ACT authorizing and empowering the County Com-
missioners of Cecil County to borrow upon the faith and
credit of Cecil County a sum of money not to exceed
One Million Dollars ($1, 000, 000. 00) TWO HUNDRED
FIFTY THOUSAND DOLLARS ($250, 000. 00) by the
issuance and sale of coupon bonds, the rate of interest of
which shall not exceed four per cent (4%) per annum;
and providing further that the proceeds thereof be used
exclusively for the purpose of erecting school buildings,
equipping school buildings, altering and building addi-
tions to existing school buildings, and providing for the
payment of the interest and principal of the bonds issued
under this Act.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Cecil County be and
they are hereby authorized and empowered to borrow at
such time or times as they may decide, upon the faith and
credit of Cecil County, a sum or sums of money not to
exceed One Million Dollars ($1, 000, 000. 00) TWO HUN-
DRED FIFTY THOUSAND DOLLARS ($250, 000. 00) at
a rate of interest not to exceed four per cent (4%) per
annum, for the purpose of erecting new school buildings,
purchase of land for said buildings, architect and other
professional fees in connection with school buildings, al-
terations or additions to existing school buildings, and
equipping school buildings in Cecil County. Provided, how-

ever, that the maximum amount of bonds which may be

issued under the provisions of this Act shall be subject to

the limitation that for at least forty per centum (40%) of
such bonds outstanding, the County must be able to meet in
full the regular payment of principal and interest thereon
from any sum or sums received by the County by way of in-
creased amounts received from the School Building Incon-

tive Fund (established by Section 199C of Article 77 of

the Annotated Code, 1917 Supplement), as a result of

General Assembly of Maryland. Nothing herein shall be
construed to apply to or affect funds received by Cecil

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.