48                                Laws of Maryland                          [Ch. 9

Federal funds for such purposes; and to levy taxes upon the assess-
able property in Dorchester County to provide funds for the pay-
ment of interest and principal upon said notes, certificates or bonds,
as the same shall mature and become payable; and to permit the
use for such payment purposes of any State Building Incentive
Funds allocated to said Dorchester County.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Dorchester County be and they
are authorized and empowered to borrow at one time or from time
to time, upon the faith and credit of Dorchester County, and to issue
and sell at one time or from time to time its bonds therefor, a sum or
sums of money not to exceed One Million Dollars ($1,000,000.00) at a
net average interest rate not in excess of four per centum (4%) per
annum for the entire issue, for the purpose of erecting new school
buildings, purchasing land for new school buildings, payment of
architect's and other professional fees in connection therewith, altera-
tion or repair of existing school buildings and equipping of school
buildings in Dorchester County, or for matching Federal funds for
such purposes. Such bonds shall be designated "Dorchester County
School Improvement Bonds of 1956", and shall be of such denomina-
tion or denominations and of such type or form, of such periods of
maturity, not exceeding twenty-eight (28) years, and their average
net interest rate not in excess of four per centum (4%) per annum ^#
for the entire issue, all as the County Commissioners of Dorchester
County may deem advisable, and the proceeds of such sale or sales
shall be spent in accordance with the provisions hereof.

Sec. 2. And be it further enacted, That the County Commissioners
aforesaid hereby are 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 and execute and
deliver negotiable promissory notes or certificates of indebtedness
of the County Commissioners of Dorchester County, to be signed by
the President of said County Commissioners of Dorchester County
and the Treasurer of Dorchester County, with the seal of Dorchester
County affixed thereto, in such denomination or denominations, pay-
able to such place and at such date or dates as the said County Com-
missioners shall by resolution provide and/or to issue and sell said
notes, bonds or certificates of indebtedness, upon the faith and credit
of Dorchester County in such amount or amounts as said Commis-
sioners shall determine, except that the total amount of such notes,
certificates and bonds issued under this Act, including all of its pro-
visions, shall not exceed One Million Dollars ($1,000,000.00). The
said notes, certificates of indebtedness and/or bonds shall bear interest
at an average net rate not in excess of four per centum (4%) per
annum for the entire issue, as shall be provided by resolution of the
County Commissioners of Dorchester County and, in the event of
issuance of bonds, to be evidenced by semi-annual coupons attached
to said bonds and bearing the facsimile signature of the Treasurer
of Dorchester County. If bonds are issued, such issue and sale shall
be exempt from the provisions of Section 33 and Section 34 of
Article 31 of the Annotated Code of Maryland (1951 Edition). The
said loan and every part thereof and every note, certificate of in-
debtedness, bond, coupon or other evidence thereof, and the interest
payable thereon, shall be and remain exempt from taxation by* the