1054                             Laws of Maryland                       [Ch. 701

during specified periods, a sum or sums of money not to exceed in
the aggregate the sum of Two Million Dollars ($2,000,000.00),
and to evidence such borrowing by the issuance and sale of the
general obligation bonds of the County in such form and bearing
such rate or rates of interest as said County Commissioners may
by resolution determine, provided the average interest cost of
each issue of such bonds shall not exceed four per centum (4%)
per annum; to provide that the proceeds of the sale of any such
bonds shall be used exclusively for the purpose of erecting new
school buildings, including land for such buildings and for facilities
appurtenant thereto, the payment of architects' and other pro-
fessional fees in connection therewith, the alteration or repair of
existing school buildings and the equipping of school buildings,
all in Cecil County; to authorize and direct the County Commis-
sioners of Cecil County to provide for the payment of the maturing
principal of and the interest on any bond issued hereunder by the
annual levy, until all of said bonds and the interest thereon, shall
have been paid or provisions made for their payment, of ad valorem
taxes upon all property subject to assessment for taxation in said
County, said taxes to be in rate and amount sufficient for said
purpose, 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
otherwise 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 Two Hundred Fifty Thousand
Dollars ($250,000.00) per year FIVE HUNDRED THOUSAND
DOLLARS ($500,000.00) beginning with January 1, 1961. BEGIN-
NING WITH JANUARY 1, 1962, AN AMOUNT NOT EXCEEDING
TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000.00)
PER YEAR. The money borrowed pursuant to the authority hereby
conferred shall be expended in the manner hereinafter described solely
for the purpose of financing the erection of new school buildings in
the County, including the purchase of land therefor, and for appurt-
enant 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