288                               Laws of Maryland                       [Ch. 227

be designated "Public School Bonds of Frederick County", said bonds
shall be serial type bonds, either registered or coupon, and issued
in such denominations and at such rate of interest, not exceeding 4%,
payable semi-annually, as shall be determined by the County Com-
missioners of Frederick County, and shall mature in not exceeding
twenty-five years from date of issue, and shall forever be exempt
from State, County and Municipal taxation. Said bonds shall be
signed by the President of the Commissioners, with the Corporate
Seal of Frederick County attached thereto, attested by the Treasurer
of said County, and if coupon bonds, the coupons thereon shall be
signed by Treasurer of Frederick County, or a facsimile of his
signature shall be stamped, printed or engraved thereon. If bonds
shall be issued, they shall be sold in accordance with the provisions
of Sections 33 and 34 of Article 31 of the Annotated Code of Mary-
land (1951 Edition).

Sec. 2. And be it further enacted, That out of the actual cash
proceeds from the sale of any of said bonds and/or notes shall be first
paid the cost of printing and other outlays and expenses and charges
connected with their issue and the entire balance of said actual
cash proceeds, together with any interest that may be received on
the same, shall be retained by the County Treasurer of Frederick
County, until needed to pay for the erection and equipment of new
public school buildings in Frederick County, the purchase of any
land necessary therefor, and the erection of additions to or altera-
tion of existing public school buildings in said County. Said pay-
ments for the aforesaid purposes, and for no other purposes, shall
be made from time to time by the County Treasurer to the Board
of Education of Frederick County upon the order of the County
Commissioners of Frederick County. The County Commissioners
shall not issue any such order except upon written notification from
the Board of Education of Frederick County that in its best judg-
ment and discretion an expenditure for any of aforesaid purposes is
necessary, and setting forth the approximate amount of expenditure
and the specific use to be made of it. The said Board of Education
shall receive and expend the monies only as herein authorized and
shall account for the same and the expenditure thereof in the same
manner as it accounts for other monies passing through its hands.

Sec. 3. And be it further enacted, That the County Commis-
sioners of Frederick County, for the purpose of redeeming said bonds
and/or notes at their maturity and for the purpose of securing the
prompt payment of interest thereon, shall annually levy such tax on
the assessable property of Frederick County as shall be necessary to
pay the interest on any bonds or notes that may be issued and out-
standing hereunder as the same become due and payable, and also,
in addition thereto, the County Commissioners shall annually levy
a tax upon the assessable property of said County sufficient to pay
and retire all of said bonds or notes as they shall mature.

Sec. 4. And be it further enacted, That this Act shall take effect
June 1, 1957.

Approved March 18, 1957.