464                               Laws of Maryland                        [Ch. 358

County, said taxes to be in rate and amount sufficient for said pur-
pose, subject to the application, hereby permitted, on account of
such principal and interest of any school building incentive funds
allocated to Cecil County by the State of Maryland and not other-
wise pledged.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Cecil County be and it is hereby
authorized and empowered to borrow upon its full faith and credit,
during the periods of time and in the manner hereinafter specified,
an aggregate sum not exceeding Two Million Dollars ($2,000,000.00),
and to evidence such borrowing by the issue and sale as herein pre-
scribed of the general obligation bonds of the County in like face
amount. The authority hereby granted shall be exercised in such a
manner that not exceeding the sum of One Million Dollars ($1,000,-
000.00) shall be borrowed in the period between January 1, 1958 and
December 31, 1958; and the remaining sum of One Million Dollars
($1,000,000.00) shall only be borrowed subsequent to January 1, 1957.
Accordingly any bonds issued hereunder in the period between Janu-
ary 1, 1958 and December 31, 1958 shall be designated "Cecil County
Public School Construction Bonds of 1957, Series A", and any such
bonds issued in the period after January 1, 1959, shall be designated
"Cecil County Public School Construction Bonds of 1957, Series B".
The money borrowed pursuant to the authority hereby conferred shall
be expended in the manner hereinafter described solely for the pur-
pose of financing the erection of new school buildings in the County,
including the purchase of land therefor, and for appurtenant facilities,
the payment of architects' and other professional fees in connection
therewith, the alteration or repairing of existing school buildings in
the County and the equipment of all such buildings.

Sec 2. And be it further enacted. Subject to the limitations
herein contained, the bonds of each issue 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 issue of 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 prin-
cipal 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 denomination or denominations of the
bonds and the place or places of payment of principal or interest,
which may be at any bank or trust company 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