Theodore R. McKeldin, Governor                      823

TREASURER OF CAROLINE COUNTY, WITH THE SEAL OF
CAROLINE COUNTY AFFIXED THERETO. SAID BONDS
SHALL BE IN SUCH DENOMINATION OR DENOMINATIONS,
PAYABLE AT SUCH PLACE AND ON SUCH DATE OR DATES
AS THE SAID COUNTY COMMISSIONERS SHALL BY RESO-
LUTION PROVIDE. SAID BONDS SHALL BE ISSUED UPON
THE FAITH AND CREDIT OF CAROLINE COUNTY IN SUCH
AMOUNT OR AMOUNTS AS SAID COMMISSIONERS SHALL
DETERMINE, EXCEPT THAT THE TOTAL AMOUNT OF SUCH
BONDS ISSUED UNDER THIS ACT SHALL NOT EXCEED
THREE MILLION DOLLAR'S ($3,000,000.00). THE BONDS
SHALL BEAR INTEREST AT AN AVERAGE NET RATE NOT
IN EXCESS OF FOUR PER CENTUM (4%) PER ANNUM FOR
THE ENTIRE ISSUE, AS SHALL BE PROVIDED BY RESOLU-
TION OF SAID COUNTY COMMISSIONERS, AND TO-BE EVI-
DENCED BY SEMI-ANNUAL COUPONS ATTACHED TO SAID
BONDS AND BEARING THE FACSIMILE SIGNATURE OF THE
TREASURER OF CAROLINE COUNTY. IF SUCH BONDS ARE
ISSUED, SUCH ISSUE AND SALE SHALL BE EXEMPT FROM
THE PROVISIONS OF SECTION 33 AND SECTION 34 OF
ARTICLE 31 OF THE ANNOTATED CODE OF MARYLAND
(1951 EDITION). THE SAID LOAN AND EVERY BOND,
COUPON OR OTHER EVIDENCE THEREOF, AND THE INTER-
EST PAYABLE THEREON, 'SHALL BE AND REMAIN EXEMPT
FROM TAXATION BY THE STATE OF MARYLAND AND BY
THE COUNTIES AND MUNICIPALITIES OF SAID STATE.

SEC. 3. AND BE IT FURTHER ENACTED, THAT THE PRO-
CEEDS FROM THE SALE OF SAID BONDS SHALL BE PAID
TO THE COUNTY TREASURER AND SHALL BE SET APART
BY HIM IN AN ACCOUNT OR ACCOUNTS TO THE CREDIT
OF THE "CAROLINE COUNTY GENERAL PUBLIC SCHOOL
CONSTRUCTION LOAN OF 1957-1&60", AND SHALL BE DIS-
BURSED BY HIM ONLY FOR THE PURPOSES HEREIN AU-
THORIZED, AND UPON THE JOINT ORDER OF THE COUNTY
COMMISSIONERS OF CAROLINE COUNTY AND THE BOARD
OF EDUCATION OF CAROLINE COUNTY, PROVIDED THAT
ANY ACCRUED INTEREST RECEIVED FROM THE SALE OF
SAID BONDS SHALL BE APPLIED TO THE PAYMENT OF
THE FIRST MATURING INTEREST ON SAID BONDS.

SEC. 4. AND BE IT FURTHER ENACTED, THAT FOR THE
PURPOSE OF PAYING THE INTEREST ON SAID BONDS, AND
FOR REDEEMING THE SAME AS THEY MATURE AND BE-
COME PAYABLE, THE COUNTY COMMISSIONERS OF CARO-
LINE COUNTY SHALL LEVY ANNUALLY A TAX UPON THE
ASSESSABLE PROPERTY OF SAID CAROLINE COUNTY SUF-
FICIENT TO PAY THE ANNUAL INTEREST ON SAID BOND'S
AND TO REDEEM THE SAME AS THEY BECOME DUE, UNTIL
ALL OF SAID BONDS SHALL MATURE AND BE REDEEMED.
THE TAXES SO LEVIED SHALL BE COLLECTED IN THE
SAME MANNER AS OTHER TAXES ARE LEVIED AND COL-
LECTED IN SAID COUNTY.

SEC. 5. AND BE IT FURTHER ENACTED, THAT, BEFORE
PROCEEDING TO SELL ANY OF SAID BONDS AT ANY TIME,
THE COUNTY COMMISSIONERS OF CAROLINE COUNTY