THEODORE R. MCKELDIN, GOVERNOR 1783

centum (7%) of the then assessed value of all real and per-
sonal property subject to assessment for unlimited taxation
by said County; and

(b) On and after January 1, 1951 no such debt shall be in-
curred and no such bonds shall be issued pursuant to the
authority of this Act in any one fiscal year, except the refund-
ing bonds authorized by Section 7 hereof, if the par value
thereof shall exceed an amount equal to one-quarter (¼) of
one per centum (1%) of the then assessed value of all real and
personal property subject to assessment for unlimited taxation
by said County, unless all the bonds so proposed to be issued
shall have been previously approved by a majority of the quali-
fied voters of the County casting their ballots at a referendum
thereon, duly called and held in the manner prescribed by
Section 10 of this Act [. ]; provided, however, that nothing in
this Sub-paragraph (b) shall be applicable to bonds to be issued
for the purpose of providing funds for the construction, recon-
struction, improvement, extension and alteration of public
school buildings or buildings for school purposes, and any addi-
tions thereto, including the sites therefor, the costs of acquir-
ing any such buildings or sites, architectural and engineering
services, including preparation of plans, drawings and specifi-
cations for such school buildings, buildings for school purposes
and school facilities, it being the intention of this proviso that
such bonds to raise money for such purposes may be issued
pursuant to the terms of Chapter 644 of the Acts of 1949 as
amended but without a referendum.

In determining whether the debt limitation fixed in Sub-
paragraph (a) above shall have been reached at any time, the
County shall not take into account any bonds which have been
retired by the County at maturity or redeemed or purchased
by the County for the purposes of retirement in advance of
maturity, nor shall it take into account any unexercised au-
thority to borrow money conferred or imposed upon it by the
Public General Laws of Maryland or by Chapter 342 of the
Acts of the General Assembly of Maryland, passed at its
January Session in the year 1947. The authority to borrow
money and issue bonds conferred on the County by the Acts of
Assembly listed below is hereby withdrawn to the extent that
the same has not heretofore been exercised and, accordingly,
the par value of the authorized but unissued bonds under said
Acts of Assembly shall likewise not be taken into account in
computing said debt limitation: Chapter 243, Acts of 1922;
Chapters 31 and 32, Acts of 1924; Chapter 1, Acts of 1927;
Chapter 30, Acts of 1929. In determining the amount of the
debt limitation on the annual issuance of bonds hereunder
without referendum, the County shall not be obliged to take