THEODORE R. McKELDIN, GOVERNOR                   893

upon the faith and credit of the County in an amount not exceed-
ing Eight Hundred and Fifty Thousand Dollars ($850,000.00) for
the purpose of building and equipping schools in Somerset County,
and for acquiring sites for the same; authorizing the levy of
taxes on the assessable property in said County in an amount
sufficient to provide funds for the payment of the principal and
interest of said bonds as they mature and become payable; pro-
viding for the expenditure of the proceeds of the sale of said bonds
for the aforesaid purposes upon the recommendation of the Board
of Education of Somerset County; providing that said bonds shall
be exempt from state, county and municipal taxation in the State
of Maryland; and repealing Chapter 416 of the Acts of 1947 of the
General Assembly of Maryland, Chapter 698 of the Acts of 1949
of the General Assembly of Maryland, and Chapter 628 of the Acts
of 1951 of the General Assembly of Maryland.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Somerset County be and it is
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 aggre-
gate Eight Hundred and Fifty Thousand Dollars ($850,000.00) for
the purpose of constructing or aiding in the construction, making
additions and improvements to, and equipping schools in Somerset
County, and for the purchase of sites for said schools.

SEC. 2. And be it further enacted, That any bonds issued under
the provisions of this Act shall be in serial maturity coupon form, and
shall be known as "Public School Bonds of Somerset County of
....................................", inserting the year of issue; the County Com-
missioners of Somerset County shall by resolution adopt the form of
said bonds, which may be made registerable as to principal, fixing
the date of issue, the denomination, place of payment, the maturities,
not exceeding twenty-five (25) years from the date of issue, the rate
or rates of interest, not exceeding four per centum (4%) per annum,
or the manner of determining the same when the bonds are offered
for sale, the form of advertisment, and all of the other details in
connection 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 Somerset County, provided
that the total principal amount of bonds issued hereunder shall not
exceed in the aggregate Eight Hundred and Fifty Thousand Dollars
($850,000.00); they shall be sold in accordance with the provisions
of Article 31, Sections 32 to 34 inclusive of the Annotated Code of
Maryland, as amended, on such terms as the Board of County Com-
missioners of Somerset County may determine, provided that none
of said bonds shall be sold at less than par and accrued 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 Somerset 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