THEODORE R. MCKELDIN, GOVERNOR 1341

County from the said Incentive Fund as a result of legisla-
tion enacted prior to the Regular Session. If no
legislation is enacted at the said 1951 Regular Session to
provide additional amounts to Cecil County from the said
Incentive Fund over and above any amounts received

prior thereto, no bonds shall be issued under the pro-
visions of this Act; and only such bonds shall be issued

as well be in conformity with the requirement that at least
forty per centum (40%) thereof shall be serviced by addi-
tional Incentive Fund revenues resulting from legislation
enacted at the said 1951 Regular Session of the General
Assembly.

SEC. 2. And be it further enacted, That such bonds shall
bear interest at a rate not exceeding four per cent (4%)
per annum and shall be issued on the serial maturity plan
so that one-twenty-fifth of the principal amount of the
bonds issued is retired each year. The County Commis-
sioners of Cecil County shall by resolution prescribe the
form and tenor of such bonds, the date or dates of issue,
the amounts of issue and the time and place at which
interest is to be paid. Such bonds shall be signed by the
President of the Board of County Commissioners, counter-
signed by the County Treasurer, and the corporate seal of
the County shall be attached thereto by the Clerk of the
County Commissioners and the interest coupons attached
to each of such bonds shall bear the facsimile signature of
the County Treasurer printed, lithographed or engraved
thereon. Said bonds shall be exempt from all State, county
and municipal taxes.

SEC. 3. And be it further enacted, That out of the actual
proceed from the sale of any of said bonds 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 Cecil County until needed to
pay for the purposes specified in Section 1. 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 Cecil County upon the order of the
County Commissioners of Cecil County. The County Com-
missioners shall not issue any such order except upon
written notification from the Board of Education of Cecil
County that in its best judgment and discretion an expend-
iture for any of the aforesaid purposes is necessary, and