Theodore R. McKeldin, Governor                    449

hereunder, the said amount so borrowed to be used for no other pur-
pose whatsoever. Of the total authorization of Two Million Dollars
($2,000,000.00), not more than One Million Dollars ($1,000,000.00)
thereof shall be borrowed within any period of twelve consecutive
months.

Sec. 2. And be it further enacted, That said County Commissioners
shall by proper resolution fix the maturity or maturities of any such
bonds, provided, however, that no bonds so issued shall mature later
than thirty years from the date of their issue, and provided further
that any such bonds shall be issued on the serial maturity plan; such
resolution may fix the denomination or denominations in which said
bonds shall be issued, the interest rate or rates of said bonds (which
may not exceed exceed four centum (1%) per annum) or the manner of
determining the same, the manner and place of payment, the date,
place and terms of the sale of the bonds, and all details not herein
otherwise provided for with respect to the form, issuance and sale
thereof; said bonds shall be signed by the President of the County
Commissioners and by the Treasurer of Calvert County, and the seal
of said County shall be affixed thereto. Said bonds may be register-
able as to principal. SAID BONDS SHALL BE IN COUPON FORM,
AND THE COUPONS MAY BE AUTHENTICATED BY THE
FACSIMILE SIGNATURE OF THE PRESIDENT OF THE BOARD
OF COUNTY COMMISSIONERS OF CALVERT COUNTY, EN-
GRAVED, PRINTED, OR LITHOGRAPHED THEREON.

Sec. 3. And be it further enacted, That any bonds issued hereunder
may be sold, in the discretion of the County Commissioners, at
public or private sale, provided that no bonds shall be sold at less than
par; that any bonds sold under the authority hereby conferred shall
be exempted from the provisions of Sections 33 and 34 of Article 31
of the Annotated Code of Maryland (1951 Edition and 1956 Supple-
ment), and said bonds and the coupons attached thereto and the in-
terest payable thereon shall be and remain forever exempt from
State, County and Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale of
said bonds shall be paid to the Treasurer of Calvert County and shall
be placed in a special fund by the County Treasurer, and shall be
paid out by him only on warrants from the County Commissioners,
which warrants shall be issued only upon proper vouchers presented
by the Advisory Board herein created for the purposes mentioned in
Section 1 of this Act THE BOARD OF EDUCATION OF CALVERT
COUNTY, MARYLAND.

Sec. 5. And be it further enacted, That there shall be an Advisory
Board of citizens and residents of Calvert County, to consult with,
AND advise and direct the Board of County Commissioners and the
Board of Education AND SUPERINTENDENT OF SCHOOLS of
Calvert County, on problems and matters relating to the site, con-
struction, reconstruction, alteration and equipping of the school or
schools which are constructed, reconstructed, altered, equipped or
improved with the proceeds of said bonds. The directive power of the
Advisory Board shall be effective on all matters which involve the
spending of the proceeds of said bonds, and shall continue in this

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