1204 LAWS OF MARYLAND [CH. 631

amounts heretofore expended in the maintenance and oper-
ation of schools in Calvert County, and to pay all expenses
including advertising, printing and legal fees incurred in
the issuance and sale of any bonds hereunder, the said
amount so borrowed to be used for no other purpose
whatsoever.

SEC. 2. And be it further enacted, That said County
Commissioners shall by proper resolution fix the maturity
or maturities of any such bonds, provided, however, that
no bonds so issued shall mature later than twenty-five
years from the date of their issue, and provided further
that any such bonds shall be issued on the serial maturity
plan; such resolution may fix the denomination or demon-
inations in which said bonds shall be issued, the interest
rate or rates of said bonds or the manner of determining
the same, the manner and place of payment, the date,
place and terms of the sale of the bonds, and all details
not herein otherwise provided for with respect to the form,
issuance and sale thereof; said bonds shall be signed by
the President of the County Commissioners and by the
Treasurer of Calvert County, and the seal of said County
shall be affixed thereto. Said bonds may be made register-
able as to principal.

SEC. 3. And be it further enacted, That any bonds
issued hereunder may be sold, in the discretion of the
County Commissioners, at public or private sale, provided
that no bonds shall be sold at less than par; that any bonds
sold under the authority hereby conferred shall be ex-
empted from the provisions of Sections 33 and 34 of Article
31 of the Annotated Code of Maryland (1951 Edition),
and said bonds and the coupons attached thereto and the
interest payable thereon shall be and remain forever
exempt from State, County and municipal taxation in the
State of Maryland.

SEC. 4. And be it further enacted, That the proceeds
derived from said loan shall be paid to the Treasurer of
Calvert County, and shall be placed in a special fund by
the County Treasurer, and shall be paid out by him only
on warrants from the County Commissioners, which war-
rants shall be issued only upon proper vouchers presented
by the Board of Education of Calvert County for the pur-
poses mentioned in Section 1 of this Act.

SEC. 5. And be it further enacted, That for the purpose
of paying the principal and interest on said bonds, the
County Commissioners of Calvert County are hereby