742 LAWS OP MARYLAND [CH. 286

Thousand Dollars ($700, 000. 00) for the purpose of con-
structing and equipping a high school for white children
at Jonestown, in said Howard County, and the acquisition
of lands necessary therefor.

Sec. 2. And be it further enacted, That the County

Commissioners of Howard County shall, when they exer-
cise said discretion, by resolution, prescribe the form and

tenor of such bonds, the rate of interest to be charged

thereon, not exceeding, however, three per centum (3%)

per annum; the date of issue and the time and place such
interest is to be paid. Such bonds shall be in coupon form

and shall be in denominations of One Thousand Dollars

($1, 000. 00). Such bonds shall be issued upon the serial

maturity plan in such manner as the County Commissioners
may by resolution prescribe.

SEC. 2. AND BE IT FURTHER ENACTED, THAT
THE COUNTY COMMISSIONERS OF HOWARD COUN-
TY SHALL, WHEN THEY EXERCISE SAID DISCRE-
TION, BY RESOLUTION, PRESCRIBE THE FORM
AND TENOR OF SAID BONDS, THE METHOD AND
MANNER OF OFFERING THE SAME FOR SALE AND
THE RATE OR RATES OF INTEREST PAYABLE
THEREON, OR THE METHOD OF ARRIVING AT
SUCH RATE OR RATES OF INTEREST. SAID COUN-
TY COMMISSIONERS MAY FIX SAID RATE OR
RATES OF INTEREST IN SAID RESOLUTION OR
MAY REQUEST BIDDERS TO NAME THE RATE OR
RATES OF INTEREST UPON WHICH THEIR BIDS
ARE BASED, AND SAID COUNTY COMMISSIONERS
MAY PROVIDE THAT DIFFERENT RATES OF IN-
TEREST MAY BE NAMED FOR DIFFERENT SERIAL
MATURITIES OF SAID BONDS OR FOR DIFFERENT
ISSUES THEREOF; PROVIDED, HOWEVER, THAT
UNDER NO CIRCUMSTANCES SHALL ANY SUCH
RATE OR RATES OF INTEREST EXCEED FOUR PER
CENTUM (4%) PER ANNUM. THE RESOLUTION OR
RESOLUTIONS AUTHORIZING THE ISSUE OF ALL
OR ANY OF SUCH BONDS SHALL ALSO FIX THE
DATE OR DATES OF ISSUE THEREOF AND THE
TERMS AND PLACE FOR PAYMENT OF MATURING
PRINCIPAL AND INTEREST.

SEC. 3. And be it further enacted, That such bonds
when issued shall be signed by the Chairman of the Board
of County Commissioners and the corporate seal of the
County Commissioners shall be attached thereto by the
clerk of said County Commissioners and the interest cou-