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Theodore R. McKeldin, Governor 53
CHAPTER 11
(House Bill 10)
AN ACT to authorize and empower the County Commissioners of
Garrett County to borrow upon the faith and credit of Garrett
County a sum of money not to exceed
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FIVE HUNDRED FIFTY THOUSAND DOLLARS ($550,000)
at a rate of interest not to exceed three per centum (3%) and to
issue notes and/or bonds therefor, for the purpose of acquiring
sites, erecting and equipping school buildings and building addi-
tions to existing school buildings, and equipping same; providing
for the levying of taxes by said County Commissioners to repay the
loan and interest thereon, and providing that said loan and every
part thereof and the interest payable thereon, shall remain ex-
empt from State, County and municipal taxation, and providing
for the use of funds levied and collected under said Act.
Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Garrett County be and they are
hereby authorized and empowered to borrow at such time or times
as they may decide, upon the faith and credit of Garrett County, a
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LARS ($550,000), at a rate of interest not to exceed three per centum
(3%) per annum, for the purpose of erecting new school buildings,
purchase of land for said buildings, architectural and other pro-
fessional fees in connection with said buildings, alterations of exist-
ing school buildings, and equipping said school buildings in Garrett
County.
Sec. 2. And be it further enacted, That the said County Commis-
sioners 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 Com-
missioners are authorized to execute and deliver negotiable promis-
sory notes, certificates of indebtedness, or general obligation bonds
of the County Commissioners of Garrett County which shall mature
at such time or times not exceeding twenty-five (25) years from their
date or dates as the County Commissioners shall determine, to be
signed by the President of said County Commissioners and the Treas-
urer of Garrett County, with the seal of the said County affixed there-
to, in such denomination or denominations, payable at such place and
at such date or dates as the said County Commissioners shall by reso-
lution provide and/or to issue and sell said notes, certificates of in-
Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.
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