1438 LAWS OF MARYLAND [CH. 517

OF INTEREST AND PRINCIPAL UPON THE SAID
NOTES, CERTIFICATES OR BONDS, AS THE SAME
SHALL MATURE AND BECOME PAYABLE, AND TO
PERMIT THE USE FOR SUCH PAYMENT PURPOSES
OF ANY STATE BUILDING INCENTIVE FUNDS AL-
LOCATED TO SAID DORCHESTER COUNTY.

SECTION 1. BE IT ENACTED BY THE GENERAL AS-
SEMBLY OF MARYLAND, THAT THE COUNTY COMMIS-
SIONERS OF DORCHESTER COUNTY BE AND THEY
ARE AUTHORIZED AND EMPOWERED TO BORROW AT
ONE TIME OR FROM TIME TO TIME, UPON THE FAITH
AND CREDIT OF DORCHESTER COUNTY, AND TO IS-
SUE AND SELL AT ONE TIME OR FROM TIME TO TIME
ITS BONDS THEREFOR, A SUM OR SUMS OF MONEY
NOT TO EXCEED THREE MILLION DOLLARS ($3, 000, -
000. 00), AT A RATE OF INTEREST NOT TO EXCEED
FOUR (4) PER CENTUM PER ANNUM, FOR THE PUR-
POSE OF ERECTING NEW SCHOOL BUILDINGS, PUR-
CHASING LAND FOR NEW SCHOOL BUILDINGS, PAY-
MENT 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 EX-
CEED ONE MILLION AND THREE HUNDRED THOU-
SAND DOLLARS ($1, 300, 000. 00), AND SUBSEQUENT IS-
SUES AND SALE OF THE REMAINING BALANCE OF
ONE MILLION AND SEVEN HUNDRED THOUSAND DOL-
LARS ($1, 700, 000. 00), SHALL BE MADE AT SUCH TIME
AS THE COUNTY COMMISSIONERS OF DORCHESTER
COUNTY MAY DETERMINE. 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 AN-
NUM, AS THE COUNTY COMMISSIONERS OF DORCHES-
TER COUNTY MAY DEEM ADVISABLE, AND THE PRO-
CEEDS OF SUCH SALE OR SALES SHALL BE SPENT
IN ACCORDANCE WITH THE PROVISIONS HEREOF.

SEC. 2. AND BE IT FURTHER ENACTED, THAT THE
COUNTY COMMISSIONERS AFORESAID HEREBY ARE