THEODORE R. McKELDIN, GOVERNOR                   147

above enumerated at any time and from time to time hereafter, the
authority herein contained to be construed as a continuing one and not
exhausted at any time by the exercise thereof, provided, however,
that:

(a)   No such debt shall be incurred and no such bonds shall be
issued, pursuant to the authority of this Act, if by such issuance, the
total par value of said bonds plus the sum of (i) the par value of all
outstanding and unpaid bonds issued under this Act prior thereto,
and (ii) the par value of all bonds of the County unissued but author-
ized by, or issued and outstanding under the authority of, any Act of
the General Assembly of Maryland passed prior to the year 1949,
except bonds authorized or issued for the improvement of the Metro-
politan District of Baltimore County under Chapter 539 of the Acts
of the General Assembly of Maryland passed at its January Session
in the year 1924, as amended, shall exceed [seven] eight per centum
[ (7%)] (8%) of the then assessed value of all real and personal prop-
erty subject to assessment for unlimited taxation by said County; and

(b)   During the calendar years £1953 and 1954] 1955 and 1956
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 [per centum (1%)]
-half of one per centum (1/2%) of the then assessed value of all real
and personal property subject to assessment 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 during the calendar years 1955 and 1956
nothing in this Sub-paragraph (b) shall be applicable to bonds to be
issued for the purpose of providing funds for the construction, re-
construction, 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, drawings and specifications for such school buildings, build-
ings for school purposes and school facilities, it being the intention
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 during 1955 and 1956. [Begin-
ning 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 (14) of one per centum of the then assessed
value of the said property, with the other provisions of this sub-
section remaining unchanged.]

(c)   On or after January l, 1957, no such debt shall be incurred
and no such bonds shall be issued pursuant to the authority of this

Act, except the refunding bonds authorized by Section 7 hereof, 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.

In determining whether the debt limitation fixed in Subparagraph
(a) above shall have been reached at any time, the County shall not