THEODORE R. MCKELDIN, GOVERNOR 745

CHAPTER 401
(House Bill 794)

AN ACT to authorize the County Commissioners of Howard
County, in their discretion, to borrow Five Hundred
Thousand Dollars ($500,000.00), upon the faith and
credit of said Howard County for the construction and
equipping of schools in said Howard County, and to issue
bonds therefor and to levy taxes to pay the principal
and interest of such bonds.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the County Commissioners of Howard
County be and they are hereby authorized and empowered,
in their discretion, to issue at one time, or from time to
time, upon the faith and credit of said County, bonds in an
amount or amounts not exceeding in the aggregate Five
Hundred Thousand Dollars ($500,000.00), for the purpose
of constructing and equipping of schools in said Howard
County, and the acquisition of lands necessary therefor.

SEC. 2. And be it further enacted, That the County Com-
missioners of Howard County shall, when they exercise
said discretion, 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 County 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 interest 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

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EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.