THEODORE R. McKELDIN, GOVERNOR                   315

manner that not exceeding the sum of One Million Dollars ($1,000,-
000.00) shall be borrowed in the period between the effective date
of this Act and January 1, 1957, and the remaining sum of One
Million Dollars ($1,000,000.00) shall only be borrowed subsequent
to January 1, 1957. Accordingly any bonds issued hereunder in the
period prior to January 1, 1957, shall be designated "Cecil County
Public School Construction Bonds of 1955, Series A", and any such
bonds issued in the period after January 1, 1957, shall be designated
"Cecil County Public School Construction Bonds of 1955, Series B."
The money borrowed pursuant to the authority hereby conferred
shall be expended in the manner hereinafter described solely for the
purpose of financing the erection of new school buildings in the
County, including the purchase of land therefor, and for appurte-
nant facilities, the payment of architects' and other professional
fees in connection therewith, the alteration or repairing of existing
school buildings in the County and the equipment of all such
buildings.

SEC. 2. And be it further enacted, Subject to the limitations
herein contained, the bonds of each issue hereby authorized shall
be dated, shall bear interest at such rate or rates, shall mature at
such time or times not exceeding twenty (20) years from their date
or dates, as may be determined by the County Commissioners of
Cecil County, and may be made redeemable before maturity, at the
option of the County Commissioners, at such price or prices and
under such terms and conditions as may be fixed by the County
Commissioners prior to the issuance of said bonds. In the event any
such issue of bonds shall be issued to mature and be payable on the
serial maturity plan, then the schedule of maturities of said issue
of bonds shall be so arranged that one-twentieth (1/20) of the prin-
cipal amount thereof shall mature and be retired in each consecutive
year accounting from the date of issue thereof. The interest to be
borne by the bonds of any such issue shall be limited to such rate
or rates as will produce an average interest cost on said bonds to
the County of not exceeding four per centum (4%) per annum. The
County shall determine the form and the manner of execution of
any of said bonds, including any interest coupons to be attached
thereto, and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal or interest,
which may be at any bank or trust company within or without the
State. The County Commissioners is hereby empowered to provide
that the County seal to be affixed to said bonds may be imprinted
thereon in facsimile, and that all signatures and counter-signatures
on said bonds and the coupons attached thereto may likewise be in
facsimile except that at least one of said signatures on each bond
shall be manually affixed. In case any official whose signature or fac-
simile of whose signature shall appear on any such bonds or coupons
shall cease to be such official before the delivery of such bonds, or
shall become such an official between the date of issue and date of de-
livery thereof, such signature or such facsimile will nevertheless be
valid and sufficient for all purposes the same as if he had remained
in office until such delivery or had taken office prior to said date
of issue. The bonds may be issued in coupon or in registered form,
or both, as the County Commissioners may determine, and provi-
sions may be made for the registration of any coupon bonds as to
principal alone and also as to both principal and interest, and for
the reconversion into coupon bonds any bonds registered as to both