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Session Laws, 1957
Volume 640, Page 598   View pdf image (33K)
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598                               Laws of Maryland                       [Ch. 417

par and accrued interest; the entire issue of bonds may be offered
at one time or they may be offered in varying amounts at different
intervals, as may seem most advantageous to the County Commis-
sioners of Wicomico County and the Board of Education of Wicomico
County in constructing, erecting, completing the construction, or
aiding in construction, making additions and improvements to and
equipment of schools for the erection of which the proceeds of said
.bonds are to be used; and no part of the money arising from the
sale of said bonds shall be used except for the purposes designated and
provided for in this Act, except that any accrued interest and pre-
mium shall be set aside in a separate interest fund and be devoted
to the payment of the first maturing coupons, and provided further,
that the cost of engraving or printing of said bonds and the cost of
advertising authorized by this Act, and any other expenses incidental
to the issuance and sale of said bonds, may be paid out of said funds;
and provided further, that should there remain any balance of the
proceeds of the sale of the bonds hereby authorized to be sold, after
the full and complete accomplishment of the purposes herein set
forth, such balance may be used, in the joint discretion of the Coun-
ty Commissioners of Wicomico County and the Board of Education
of Wicomico County, for the improvement and alterations to the old
building at the said Wicomico Junior High School located in Salis-
bury, Maryland, or if not required for such purposes, such balance,
in the joint discretion of said Boards, may be held as a reserve fund
to be applied toward the payment of the principal of maturing bonds
issued under the provisions of this Act.

SEC. 4. And be it further enacted, That the proceeds arising from
the sale of said bonds shall be paid over to the Treasurer of Wicomico
County, and credited by him to the County Commissioners of Wi-
comico County and the Board of Education of Wicomico County, to
be used in the joint discretion of the members of said County Com-
missioners and Board of Education and under their joint supervision
and direction, and subject to their joint order, for building or aiding
in building, making additions and improvements to and equipping the
aforesaid school buildings. Said County Commissioners and Board
of Education shall have full joint authority to contract for, supervise,
direct and control such work in such manner as in their discretion
they may deem to the best public interest, and full power is given
to them to employ and pay out of the said funds all builders, or
other persons, supervisors or agents, as to them may seem advisable
and necessary, and to pay out of the said funds all architects em-
ployed by the said Board of Education; and they shall divide and
allot said funds to said buildings and equipment, but not exceeding
the amounts allotted or specified for each except as to the use of said
contingency fund of Fifty-five Thousand Dollars ($55,000.00), and
other funds provided therefor under Sec. 1 of this Act, which may
be allotted to any or all of said projects as said Board shall jointly
determine. Each such project is to be or have substantially the type
of improvement herein designated. Nothing herein shall be construed
as preventing said joint Boards from contracting to have any of
said improvements made or done at less than the sum herein ap-
propriated therefor.

Sec. 5. And be it further enacted, That for the purpose of paying
the principal and interest on said bonds as they respectively become
payable and mature, the County Commissioners of Wicomico County

 

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Session Laws, 1957
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