1028                             Laws of Maryland                       [Ch. 680

such borrowing by the issuance and sale upon its full faith and
credit of its serial maturity, general obligation coupon bonds in
like par amount, upon the terms and conditions hereinafter set forth.
Such bonds may be issued from time to time, in one or more groups
or series, as funds for such purchase of land to be used for public
parks, playgrounds, recreation areas within said County, as defined
in Section One (1) of this Act, provided, however, that the total
debt which may be incurred pursuant to the authority of this Act
shall not exceed One Million Dollars ($1,000,000.00) FOUR HUN-
DRED THOUSAND DOLLARS ($400,000.00).

Sec. 3 And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or
issuing any bonds pursuant to the authority of this Act, adopt a
resolution describing the purchase of land to be used for public
parks, playgrounds, recreation areas within said County for which
said borrowing or indebtedness is intended, the amount needed for
said purposes, and determining to borrow money or incur indebted-
ness for all or a part of the amount so needed, and to issue its bonds
to evidence such borrowing or indebtedness. Each series or group
of said bonds shall be issued to mature in annual serial installments,
the last installment to mature not later than thirty years from the
date of issue of said group or series. In said resolution, said County
shall fix the annual serial maturity plan with respect to the bonds
to be issued thereunder and said annual serial maturities shall be
so fixed as to conform to the general financial plans of the County
but need not be in equal par amounts or in consecutive annual in-
stallments. Subject to the limitations herein contained, said County
shall have and is hereby granted full and complete authority and
discretion to fix and determine, in said resolution, the form and
tenor of any such bonds, the rate or rates of interest payable
thereon, or the method of arriving at the same, the date or dates
upon which said bonds shall respectively mature and be payable,
the manner of selling said bonds at public sale, and generally all
matters incident or necessary to the issuance, sale and delivery
thereof. The bonds of each such issue shall be dated, shall bear
interest at such rate or rates not exceeding six per centum (6%)
per annum, payable semi-annually, shall mature at such time or
times as may be determined by said resolution, and said bonds
may, by said resolution, be made redeemable before maturity,
at the option of the County, at such price or prices and under
such terms and conditions as may be fixed by said County,
either in said Resolution or in subsequent resolutions, but prior to
the issuance of said bonds. The principal of and the interest on
said bonds may be made payable in any lawful medium. Said res-
olution shall determine the form of said bonds, including any in-
terest coupons to be attached thereto, and the manner of executing
and sealing the same, which may be by facsimile, and shall fix the
denomination or denominations of the bonds and the place or places
of payment of the principal and the interest thereon, which may be
at any bank or trust company within or without the State of Mary-
land. In case any officer whose signature shall appear on any such
bond, or on the coupons attached thereto, shall cease to be such of-
ficer before the delivery thereof, such signature shall nevertheless
be valid and sufficient for all purposes the same as if he had re-
mained in office until such delivery. Said bonds may, by any such