THEODORE R. MCKELDIN, GOVERNOR 657

designated "Dorchester County School Improvement Bonds
of 1953," and shall be of such denomination or denomina-
tions and of such type or form, of such periods of maturity,
not exceeding twenty-five (25) years, and their rate or
rates of interest, not exceeding four percentum (4%) per
annum, all as the County Commissioners of Dorchester
County may deem advisable, and the proceeds of such sale
or sales shall be spent in accordance with the provisions
hereof.

SEC. 2. And be it further enacted, That the County
Commissioners aforesaid hereby are authorized to borrow,
under the provisions of this Act, from such bank, banker
or trust company, or from any other source, as they shall
from time to time select and execute and deliver negotiable
promissory notes or certificates of indebtedness of the
County Commissioners of Dorchester County, to be
signed by the President of said the County Commissioners
of Dorchester County and the Treasurer of Dorchester
County, with the seal of Dorchester County affixed thereto,
in such denomination or denominations, payable to such
place and at such date or dates as the said County Commis-
sioners shall by resolution provide and/or to issue and sell
said notes, bonds or certificates of indebtedness, upon the
faith and credit of Dorchester County in such amount or
amounts as said Commissioners shall determine, except
that the total amount of such notes, certificates and bonds
issued under this Act including all of its provisions, shall
not exceed Five Hundred Thousand Dollars ($500,000.00).
The said notes, certificates of indebtedness and/or bonds
shall bear interest at such rate or rates, not exceeding four
percentum (4%) per annum, as shall be provided by
resolution of the County Commissioners of Dorchester
County and, in the event of issuance of bonds, to be evi-
denced by semi-annual coupons attached to said bonds and
bearing the facsimile signature of the Treasurer of Dor-
chester County. If bonds are issued, such issue and sale
shall be exempt from the provisions of Section 33 and Sec-
tion 34 of Article 31 of the Annotated Code of Maryland
(1951 Edition). The said loan and every part thereof
and every note, certificate of indebtedness, bond, coupon or
other evidence thereof, and the interest payable thereon,
shall be and remain exempt from taxation by the State of
Maryland and by the counties and municipalities of said
state.

SEC. 3. And be it further enacted, That all proceeds
derived from,said loan shall be placed in a special fund by
the County Treasurer of Dorchester County and shall be