THEODORE R. McKELDIN, GOVERNOR                   297

corporate of the State of Maryland known as the Board of Educa-
tion of Anne Arundel County, and the term "County" shall mean
the body politic and corporate of the State of Maryland known as
the County Commissioners of Anne Arundel County and the term
"public schools" shall be construed to mean the construction, recon-
struction, improvement, extension, alteration, repair and moderniza-
tion of public school buildings in Anne Arundel County, the sites
therefor, architectural and engineering services, site development
and necessary recreational and pedagogical equipment.

SEC. 2. And be it further enacted, That the Board is hereby
authorized and empowered to acquire public schools as defined in
Section 1 of this Act, and is hereby granted the power and authority
to borrow not Exceeding Eight Million Dollars ($8,000,000) for said
purpose and to evidence such borrowing by the issuance, upon its
full faith and credit and upon the full faith and credit of the County
of its serial maturity coupon bonds, in the manner and upon the
terms and conditions hereinafter set forth.

SEC. 3. And be it further enacted, That before borrowing any
money or issuing any bonds pursuant to the authority of this Act,
the Board shall adopt a resolution setting forth the amount needed
for all or any of the purposes described in Section 1 hereof, and
determining to borrow money or incur indebtedness for all or a
part of the amount so needed and to issue its bonds to evidence
such borrowing or indebtedness. Each group of said bonds shall be
issued to mature in annual serial installments, the last installment
to mature not later than twenty-five (25) years from the date of
issue of said group. In said resolution, said Board shall fix the
annual serial maturity plan with respect to the bonds to be issued
thereunder and said annual serial maturities shall be so fixed as to
conform to the general financial plans of the County but need not
be in equal par amounts or in consecutive annual installments.
Except as limited by this Act, said Board shall have and is hereby
granted full and complete authority and discretion to fix and deter-
mine, in said resolution, the form and tenor of any such bonds, the
rate or rates of interest payable thereon, or the method of arriving
at the same, the date or dates upon which said bonds shall respec-
tively mature and be payable, the manner of selling said bonds at
public sale, and generally all matters incident or necessary to the
issuance, sale and delivery thereof. The bonds of each such issue
shall bear interest at not exceeding four per centum (4%) per
annum, payable semi-annually, and, if requested by the County,
said bonds shall, by said resolution, be made redeeemable before
maturity, at the Option of the County, at such price or prices and
under such terms and conditions as may be fixed by said County.
The principal of and the interest on said bonds may be made pay-
able in any lawful medium. Said resolution shall determine the
form of said bonds, including the interest coupons to be attached
thereto, and the manner of executing the same, and shall fix the
denomination or denominations of the bonds and the place or places
of payment of the principal and the interest thereon, which may
be at any bank or trust company within or without the State of
Maryland. There shall be endorsed on each bond the unconditional
guaranty of the County Commissioners of Anne Arundel County,
which such guaranty shall be in the following form: