Theodore R. McKeldin, Governor                  1095

authorized and empowered to borrow upon its full faith and credit,
an amount not to exceed Three Hundred Thousand Dollars ($300,-
000.00), and to evidence such borrowing by the issue and sale as
herein prescribed of the general obligation bonds of the County in
like face amount, said bonds to be designated as "Cecil County Union
Hospital Construction Bonds". The money borrowed pursuant to
the authority hereby conferred shall be expended in the manner
hereinafter described solely for the purpose of financing the construc-
tion of an addition to the Union Hospital, situated in Elkton, Cecil
County, for equipment used in connection therewith, and for the pay-
ment of architects' and other professional fees in connection there-
with.

Sec. 2. And be it further enacted, That subject to the limitations
herein contained, the bonds hereby authorized shall be dated, shall
bear interest at such rate or rates, shall mature at such time or
times not exceeding twenty (20) years from their date or dates, as
may be determined by the County Commissioners of Cecil County,
and may be made redeemable before maturity, at the option of the
County Commissioners, at such price or prices and under such terms
and conditions as may be fixed by the County Commissioners prior
to the issuance of said bonds. In the event any such bonds shall be
issued to mature and be payable on the serial maturity plan, then
the schedule of maturities of said issue of bonds shall be so arranged
that one-twentieth (1/20) of the principal amount thereof shall
mature and be retired in each consecutive year accounting from the
date of issue thereof. The interest to be borne by the bonds of any
such issue shall be limited to such rate or rates as will produce an
average interest cost on said bonds to the County of not exceeding
four per centum (4%) per annum. The County shall determine the
form and the manner of execution of any of said bonds, including
any interest coupons to be attached thereto, and shall fix the denomi-
nation or denominations of the bonds and the place or places of pay-
ment of principal or interest, which may be at any bank or trust com-
pany within or without the State. The County Commissioners is
hereby empowered to provide that the County seal to be affixed to
said bonds may be imprinted thereon in facsimile, and that all
signatures and counter-signatures on said bonds and the coupons
attached thereto may likewise be in facsimile except that at least
one of said signatures on each bond shall be manually affixed. In
case any official whose signature or facsimile of whose signature
shall appear on any such bonds or coupons shall cease to be such
official before the delivery of such bonds, or shall become such an
official between the date of issue and date of delivery thereof, such
signature or such facsimile will nevertheless be valid and sufficient
for all purposes the same as if he had remained in office until such
delivery or had taken office prior to said date of issue. The bonds
may be issued in coupon or in registered form, or both, as the County
Commissioners may determine, and provisions may be made for the
registration of any coupon bonds as to principal alone and also as to
both principal and interest, and for the reconversion into coupon
bonds any bonds registered as to both principal and interest, and for
the interchange of registered and coupon bonds. The County
Commissioners may sell any such bonds in such manner either at
public or private sale, and for such price or prices, as it may de-