THEODORE R. McKELDIN, GOVERNOR                   373

cester County; providing for the execution of all contracts for said
projects jointly by the County Commissioners of Worcester County
and the Board of Education of Worcester County.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Worcester County be and they
are hereby authorized and empowered to issue at one time or from
time to time, upon the full faith and credit of said County, serial
maturity coupon bonds in an amount or amounts not exceeding in the
aggregate One and One-half Million Dollars ($1,500,000.00) for the
purpose of constructing or aiding in the construction, making addi-
tions and improvements to, and equipping, on sites now owned by
the Board of Education of Worcester County and/or on any land in
Worcester County hereafter acquired by said Board for that purpose
from the proceeds of said bonds, two separate high school buildings
in Worcester County, one in or near the Corporate Limits of the town
of Pocomoke City and one in or near the Corporate Limits of the
town of Snow Hill.

SEC. 2. And be it further enacted, That any bonds issued under
the provisions of this Act shall be in coupon form, but may be made
registerable as to principal, shall be issued on the serial maturity
plan, and shall be known as "Public School Bonds of Worcester

County of ........................................", inserting the year of issue; the

Board of County Commissioners shall by resolution adopt the form of
said bonds, fixing the date of issue, the denomination, place of pay-
ment, the maturities, provided that none of said bonds shall mature
more than twenty-five (25) years from the date of issue, the rate or
rates of interest, not to exceed four per centum (4%) per annum, or
the manner of determining the same when the bonds are offered for
sale, the form of advertisement and all of the other details in con-
nection therewith.

SEC. 3. And be it further enacted, That said bonds may be sold at
one time or from time to time in such amount as may be determined
by the Board of County Commissioners of Worcester County, pro-
vided that the total principal amount of bonds issued hereunder shall
not exceed in the aggregate One and One-half Million Dollars
($1,500,000.00); they shall be sold in accordance with the provisions
of Article 31, Sections 32 to 34, inclusive, of the Annotated Code of
Maryland (1951 EdAtion), as amended, on such terms as the Board of
County Commissioners of Worcester County may determine, pro-
vided that none of said bonds shall be sold at less than par and ac-
crued interest, and the County Commissioners may reserve the right
to reject any or all bids. Said bonds shall be signed by the President
of the Board of County Commissioners of Worcester County and shall
be countersigned by the Treasurer of said County and the corporate
seal of the County shall be affixed thereto; the interest coupons on
said bonds shall be authenticated by the facsimile signature of the
President of said Board of County Commissioners, printed, engraved,
or lithographed thereon. In case such bonds, or any of them, shall be
issued in any year after the making of the annual tax levy for the
year by the Board of County Commissioners, then said Board is au-
thorized and directed to pay any or all interest falling due before the
next tax levy out of any other funds at its disposal and to include
in the next levy the amount necessary to reimburse such other funds.