618 LAWS OF MARYLAND [CH. 325

dates of issue, the amounts of issue and the time and place
at which interest is to be paid. Such bonds shall be signed
by the President of the Board of County Commissioners,
countersigned by the County Treasurer, and the corporate
seal of the County shall be attached thereto by the Clerk
of the County Commissioners and the interest coupons at-
tached to each of such bonds shall bear the facsimile signa-
ture of the County Treasurer printed, lithographed or en-
graved thereon. Such bonds shall be designated "Cecil
County Public School Construction Bonds", and said bonds
and the interest payable thereon shall be and remain ex-
empt from State, County and Municipal taxation.

SEC. 3. And be it further enacted, That out of the actual
proceeds from the sale of any of said bonds shall be first
paid the cost of printing and other outlays and expenses
and charges connected with their issue, and the entire
balance of said actual cash proceeds, together with any
interest that may be received on the same, shall be retained
by the County Treasurer of Cecil County until needed to
pay for the purposes specified in Section 1. Said payments
for the aforesaid purposes, and for no other purposes, shall
be made from time to time by the County Treasurer to the
Board of Education of Cecil County upon the order of the
County Commissioners of Cecil County. The County Com-
missioners shall not issue any such order except upon
written notification from the Board of Education of Cecil
County that in its best judgment and discretion an expendi-
ture for any of the aforesaid purposes is necessary, and
setting forth the approximate amount of expenditure and
the specific use to be made of it. The said Board of Educa-
tion shall receive and expend the monies only as herein au-
thorized and shall account for the same and the expendi-
ture thereof in the same manner as they account for other
monies passing through their hands.

SEC. 4. And be it further enacted, That any premiums
realized above the par value of the whole amount of said
bonds shall be used for the purpose of paying the loan
herein authorized.

SEC. 5. And be it further enacted, That for the purpose
of paying the interest on said bonds and for redeeming the
same as they mature and become payable, The County
Commissioners of Cecil County shall levy annually such
tax on the assessable property of Cecil County as shall be
necessary to pay the interest on any such bonds that may
be issued, and outstanding hereunder, as the same shall