THEODORE R. MCKELDIN, GOVERNOR 913

(7%) of the then assessed value of all real and personal
property subject to assessment for unlimited taxation by
said County; and

(b) On and after January 1, 1951 DURING THE CAL-
ENDAR YEARS 1953 AND 1954, no such debt shall be
incurred and no such bonds shall be issued pursuant to the
authority of this Act in any one fiscal year, except the
refunding bonds authorized by Section 7 hereof, if the
par value thereof shall exceed an amount equal to [one-
quarter (¼) of] one per centum (1%) of the then assessed
value of all real and personal property subject to assess-
ment for unlimited taxation by said County, unless all the
bonds so proposed to be issued shall have been previously
approved by a majority of the qualified voters of the
County casting their ballots at a referendum thereon, duly
called and held in the manner prescribed by Section 10
of this Act; provided, however, that nothing in this Sub-
paragraph (b) shall be applicable to bonds to be issued for
the purpose of providing funds for the construction, recon-
struction, improvement, extension and alteration of public
school buildings or buildings for school purposes, and any
additions thereto, including the sites therefor, the costs of
acquiring any such buildings or sites, architectural and
engineering services, including preparation of plans, draw-
ings and specifications for such school buildings, buildings
for school purposes and school facilties, it being the inten-
tion of this proviso that such bonds to raise money for
such purposes may be issued pursuant to the terms of
Chapter 644 of the Acts of 1949 as amended but without
a referendum. BEGINNING WITH THE CALENDAR
YEAR OF 1955, NO SUCH BONDS SHALL BE ISSUED
IN ANY ONE FISCAL YEAR IF THE PAR VALUE
THEREOF SHALL EXCEED AN AMOUNT EQUAL TO
ONE-QUARTER (¼) OF ONE PER CENTUM OF THE
THEN ASSESSED VALUE OF THE SAID PROPERTY,
WITH THE OTHER PROVISIONS OF THIS SUB-SEC-
TION REMAINING UNCHANGED.

In determining whether the debt limitation fixed in Sub-
paragraph (a) above shall have been reached at any time,
the County shall not take into account any bonds which
have been retired by the County at maturity or redeemed
or purchased by the County for the purposes of retirement
in advance of maturity, nor shall it take into account any
unexercised authority to borrow money conferred or im-
posed upon it by the Public General Laws of Maryland or
by Chapter 342 of the Acts of the General Assembly of
Maryland, passed at its January Session in the year 1947.