822                               Laws of Maryland                        [Ch. 499

DOLLARS ($3,000,000.00) AT A NET AVERAGE INTEREST
RATE NOT IN EXCESS OF FOUR PER CENTUM (4%) PER
ANNUM FOR THE ENTIRE ISSUE, FOR THE PURPOSE OF
BUILDING NEW SCHOOL-HOUSES, THE CONSTRUCTION OF
ADDITIONS TO EXISTING SCHOOL-HOUSES, OR ALTERING
OR REPAIRING THE SAME, AND FOR EQUIPPING SUCH
NEW OR EXISTING SCHOOL-HOUSES, OR FOR ARCHITECTS
AND OTHER PROFESSIONAL FEES IN CONNECTION WITH
SAID BUILDINGS, ALTERATIONS, REPAIRS OR EQUIPMENT,
AT THE FOLLOWING LOCATIONS IN CAROLINE COUNTY,
THE APPROXIMATE AMOUNT TO BE EXPENDED IN EACH
LOCATION TO BE AS SHOWN IN THE FOLLOWING TABLE,
OR FOR MATCHING FEDERAL OR STATE FUNDS FOR THE
ABOVE PURPOSES.

NORTHERN SENIOR HIGH SCHOOL TO REPLACE
THE PRESENT HIGH SCHOOLS OF DENTON,

GREENSBORO, AND RIDGELY.........................................................$1,450,000

RENOVATION OF PRESENT HIGH SCHOOLS..................... 175,000

FEDERALSBURG REPLACEMENT OF EXISTING

FEDERALSBURG SCHOOLS ............................................................... 500,000

TOTAL..................................................................................................$2,125,000

SOUTHERN SENIOR HIGH SCHOOL FOR FEDER-
ALSBURG AND PRESTON. THIS SCHOOL IS TO BE
LOCATED SOMEWHERE BETWEEN THE TWO
COMMUNITIES.

TOTAL...................................................................................................$ 875,000

ALL OR ANY PORTION OF BONDS IN THE PRINCIPAL
AMOUNT OF $2,125,000 MAY BE ISSUED AT ANY TIME SUB-
SEQUENT TO THE FISCAL YEAR BEGINNING JULY 1, 1957.
ALL OR ANY PORTION OF BONDS IN THE PRINCIPAL
AMOUNT OF $875,000 MAY BE ISSUED AT ANY TIME SUB-
SEQUENT TO THE FISCAL YEAR BEGINNING JULY 1, 1960.

THE FOREGOING AMOUNTS ARE INTENDED AS THE
APPROXIMATE AMOUNTS TO BE EXPENDED ON EACH
PROJECT NAMED. THE ARCHITECT'S ESTIMATE FOR EACH
PROJECT, INCLUDING EQUIPMENT, SHALL NOT BE IN EX-
CESS OF ANY OF SUCH AMOUNTS, WHICH ESTIMATES ARE
TO BE SUBMITTED TO THE STATE DEPARTMENT OF PUB-
LIC IMPROVEMENTS FOR VERIFICATION PRIOR TO SUB-
MISSION FOR BID. SUCH BONDS SHALL BE DESIGNATED
"PUBLIC SCHOOL BONDS OF CAROLINE COUNTY OF 1957-
1960" AND SHALL BE OF SUCH DENOMINATION OR DE-
NOMINATIONS AND OF SUCH TYPE OR FORM, OF SUCH
PERIODS OF MATURITY, NOT EXCEEDING TWENTY-FIVE
(25) YEARS, AND THEIR AVERAGE NET INTEREST RATE
NOT IN EXCESS OF FOUR PER CENTUM (4%) PER ANNUM
FOR THE ENTIRE ISSUE, ALL AS THE COUNTY COMMIS-
SIONERS OF CAROLINE COUNTY MAY DEEM ADVISABLE,
AND THE PROCEEDS OF SUCH SALE OR SALES SHALL BE
SPENT IN ACCORDANCE WITH THE PROVISIONS HEREOF.

SEC. 2. AND BE IT FURTHER ENACTED, THAT SAID
BONDS SHALL BE SIGNED BY THE PRESIDENT OF SAID
COUNTY COMMISSIONERS OF CAROLINE COUNTY AND THE