Theodore R. McKeldin, Governor                  1539

to approve or reject the proposal of the Board, in whole or in part,
conditionally or unconditionally, and the action of the County shall
be transmitted to the Board in writing. In acting upon any such
proposal, the County may, in its discretion, reject the proposal in its
entirety, may direct the Board to defer action until a specified date
in the future, or may condition its approval of the proposal upon
compliance by the Board with such changes in the Board's proposal
as the County may see fit to propose, provided that any such condi-
tions shall not conflict with the provisions of this Act or in any
manner modify the obligation of the County under its guaranty of
any of the bonds issued pursuant to such proposal. Each group of
said bonds shall be issued to mature not later than twenty-five (25)
years from the date of issue of said group. In said resolution, said
Board shall fix the annual serial maturity plan with respect to the
bonds to be issued thereunder and said annual serial maturities shall
be so fixed as to conform to the general financial plans of the County
but need not be in equal par amounts or in consecutive annual instal-
ments. Except as limited by this Act, said Board shall have and is
hereby granted full and complete authority and discretion to fix and
determine, in said resolution, the form and tenor of any such bonds,
the rate or rates of interest payable thereon, or the method of ar-
riving at the same, the date or dates upon which said bonds shall
respectively mature and be payable, the manner of selling said bonds
at public sale, and generally all matters incident or necessary to the
issuance, sale and delivery thereof. The bonds of each such issue
shall bear interest at not exceeding five per centum (5%) per annum,
payable semi-annually, and, if requested by the County, said bonds
shall, by said resolution, be made redeemable before maturity, at the
option of the County, at such price or prices and under such terms
and conditions as may be fixed by said County. The principal of and
the interest on said bonds may be made payable in any lawful
medium. Said resolution shall determine the form of said bonds,
including the interest coupons to be attached thereto, and the manner
of executing the same, and shall fix the denomination or denomina-
tions of the bonds and the place or places of payment of the principal
and the interest thereon, which may be at any bank or trust company
within or without the State of Maryland. There shall be endorsed
on each bond the unconditional guaranty of the County Commis-
sioners of Anne Arundel County, which such guaranty shall be in the
following form:

"The payment of interest on this Bond when due and of the
principal thereof at maturity is hereby unconditionally guaranteed
by the County Commissioners of Anne Arundel County, a body politic
and corporate of the State of Maryland.

County Commissioners of Anne Arundel County

By..........................................................

President
Attest:

Clerk
Corporate Seal"

As indicated in the foregoing form, the guaranty on each bond
shall, when presented to him by the Board of Education with appro-
priate evidence of the compliance of said bond with this Act, be
endorsed by the President of the Board of County Commissioners of
Anne Arundel County and the seal of said County shall be affixed