Theodore R. McKeldin, Governor                     37

Sec. 2. And be it further enacted, That the said County Com-
missioners are hereby authorized to borrow, under the provisions of
this Act, from such bank, banker or trust company, or from any
other source, as they shall from time to time select. The said
County Commissioners are authorized to execute and deliver ne-
gotiable promissory notes, certificates of indebtedness, or bonds of
the County Commissioners of Harford County, to be signed by the
President of said County Commissioners and the Treasurer or
Deputy Treasurer of Harford County, with the seal of the said
County affixed thereto, in such denomination or denominations,
payable at such place and at such date or dates as the said County
Commissioners shall by resolution provide and/or to issue and sell
said notes, certificates of indebtedness, or bonds upon the faith and
credit of the County in such amount or amounts as said Commis-
sioners shall determine, but the total amount of such notes and
bonds issued under this Act shall not exceed $1,500,000. The said
notes, certificates of indebtedness and/or bonds shall bear interest
at such rate or rates, not exceeding 5% per annum, as shall be pro-
vided by resolution of the County Commissioners, and in the event
of issuance of bonds to be evidenced by semi-annual coupons at-
tached to said bonds and bearing the facsimile signature of the
Treasurer of Harford County. If bonds are issue, the provisions of
Sections 32, 33 and 34 of Article 31 of the Annotated Code of Mary-
land (1951 Edition), and amendments thereto, shall be complied
with. Said County Commissioners are authorized to borrow under
the provisions of this Act by selling the negotiable promissory notes,
certificates of indebtedness and/or bonds herein authorized, at a
discount less than the principal amount thereof, provided that such
discount shall not exceed 5% per annum on the principal of said
loan. The said loan and every part thereof and every note, bond,
coupon or other evidence thereof, and the interest payable thereon,
shall be and remain exempt from State, County and municipal
taxation.

Sec. 3. And be it further enacted, That the proceeds derived
from said loan shall be placed in a special fund by the County Treas-
urer, and shall be paid out by him only on warrants from the County
Commissioners, which warrants shall be issued only upon proper
vouchers presented by the Board of Education of Harford County
for the erection and equipment of new school buildings and for
additions to and equipment of existing school buildings in said
County.

Sec. 4. And be it further enacted, That for the purpose of pay-
ing the interest on said notes and/or bonds and for redeeming said
notes and/or bonds as they mature, the County Commissioners of
Harford County shall annually levy a tax upon the assessable prop-
erty of said County sufficient to pay the annual interest on said
notes and/or bonds and to redeem said notes and/or bonds as they
become due until all of said notes and/or bonds shall mature and be
redeemed. The taxes so levied shall be collected in the same manner
as other taxes are levied and collected in said County.

Sec. 5. And be it further enacted, That this Act shall take effect
on June 1, 1956.

Approved March 26, 1956.