250 LAWS OF MARYLAND [CH. 128

valorem taxes which, in addition to any State or Federal
allotments, will provide funds sufficient for the pay-
ment of said maturing principal and interest; excepting
the authority hereby conferred from certain local laws
and exempting any of said bonds so issued and the inter-
est payable thereon from all State, county and municipal
taxation in the State of Maryland.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That, as used herein, the term "Board" shall
mean the public body corporate of the State of Maryland
known as the Board of Education of Anne Arundel County,
and the term "County" shall mean the body politic and
corporate of the State of Maryland known as the County
Commissioners of Anne Arundel County and the term
"public schools" shall be construed to mean the construc-
tion, reconstruction, improvement, extension, alteration,
repair and modernization of public school buildings in
Anne Arundel County, the sites therefor, architectural and
engineering services, site development and necessary re-
creational and pedagogical equipment.

SEC. 2. And be it further enacted. That the Board is
hereby authorized and empowered to acquire public schools
as defined in Section 1 of this Act, and is hereby granted
the power and authority to borrow at one time and from
time to time not exceeding Four Million Dollars ($1, 000,
000. 00) THREE MILLION FIVE HUNDRED THOU-
SAND DOLLARS ($3, 500, 000. 00) in the aggregate for
said purpose and to evidence such borrowing by the issu-
ance, upon its full faith and credit and upon the full faith
and credit of the County of its Serial Maturity Coupon
Bonds, in the manner and upon the terms and conditions
hereinafter set forth.

SEC. 3. And be it further enacted, That before borrow-
ing any money or issuing any bonds pursuant to the au-
thority of this Act, the Board shall adopt a resolution de-
scribing the public school or schools for which said borrow-
ing or indebtedness is intended, the amount needed for
said purposes, and determining to borrow money or incur
indebtedness for all or a part of the amount so needed and
to issue its bonds to evidence such borrowing or indebted-
ness. Each group of said bonds shall be issued to mature
in annual serial installments, the last installment to ma-
ture not later than twenty-five (25) years from the date
of issue of said group. In said resolution, said Board shall
fix the annual serial maturity plan with respect to the