Theodore R. McKeldin, Governor                    39

authority of this sub-heading in any one fiscal year, except the
refunding bonds authorized by Section 71 hereof, if the par value
thereof shall exceed an amount equal to one-half of one per centum
(1/2%) of the then assessed value of all real and personal property
subject to assessment for unlimited taxation by said County, unless
all the bonds so proposed to be issued shall have been previously
approved by a majority of the qualified voters of the County casting
their ballots at a referendum thereof, duly called and held in the
manner prescribed by Section 74 of this sub-heading; provided, how-
ever, that during the calendar years 1955 and 1956 nothing in this
sub-paragraph shall be applicable to bonds to be issued for the pur-
pose of providing funds for the construction, reconstruction, im-
provement, extension and alteration of public school buildings or
buildings for school purposes, and any additions thereto, including
the sites therefor, the costs of acquiring any such buildings or sites,
architectural and engineering services, including preparation of
plans, drawings and specifications for such school buildings, build-
ings for school purposes and school facilities, it being the intention
of this proviso that such bonds to raise money for such purposes
may be issued pursuant to the terms of Chapter 644 of the Acts of
1949 as amended but without a referendum during 1955 and 1956.

(3)   On and after January 1, 1957, no such debt shall be incurred
and no such bonds shall be issued pursuant to the authority of this
sub-heading, except the refunding bonds authorized by Section 71
hereof, unless all the bonds so proposed to be issued shall have been
previously approved by a majority of the qualified voters of the
County casting their ballots at a referendum thereon, duly called and
held in the manner prescribed by Section 74 of this sub-heading.

(4)   In determining whether the debt limitation fixed in Sub-para-
graph (1) above shall have been reached at any time, the County
shall not take into account any bonds which have been retired by
the County at maturity or redeemed or purchased by the County
for the purposes of retirement in advance of maturity, nor shall it
take into account any unexercised authority to borrow money con-
ferred or imposed upon it by the Public General Laws of Maryland
or by Chapter 342 of the Acts of the General Assembly of Maryland,
passed at its January Session in the year 1947. The authority to
borrow money and issue bonds conferred on the County by the Acts
of Assembly listed below is hereby withdrawn to the extent that the
same has not heretofore been exercised and, accordingly, the par
value of the authorized but unissued bonds under said Acts of
Assembly shall likewise not be taken into account in computing said
debt limitation; Chapter 243, Acts of 1922; Chapters 31 and 32,
Acts of 1924; Chapter 1, Acts of 1927; Chapter 30, Acts of 1929. In
determining the amount of the debt limitation on the annual issuance
of bonds hereunder without referendum, the County shall not be
obliged to take into consideration any prior indebtedness, whether
authorized or outstanding under this or any other Act of Assembly.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1956.

Approved March 26, 1956.