1104                             Laws of Maryland                       [Ch. 729

CHAPTER 729
(House Bill 895)

AN ACT to authorize and empower the County Commissioners of
Allegany County to borrow an amount not to exceed $100,000.00
and to issue bonds, promissory notes or other certificates of in-
debtedness therefor for the purpose of making certain improve-
ments and repairs to and on the grounds surrounding certain public
school buildings in Allegany County.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Allegany County, a body cor-
porate, in order to provide funds for the purpose of making certain
improvements and repairs to and on the grounds surrounding certain
public school buildings in Allegany County, as more specifically
enumerated herein are authorized and empowered to borrow from
time to time in such amounts as the Board of County Commissioners
shall deem necessary money on the faith and credit of said county
and to issue therefor the promissory notes or bonds or other certifi-
cates of indebtedness of the county; provided that in the aggregate
said notes, bonds or other certificates of indebtedness shall not exceed
the sum of $100,000.00. Said notes, bonds or other certificates of
indebtedness shall bear a rate of interest not exceeding five per
centum per annum. If said sum or any portion thereof shall be bor-
rowed by the sale of notes, bonds or other certificates of indebtedness,
they shall be designated as "School Grounds Improvement Notes,
Bonds or Other Certificates of Indebtedness". They shall be of such
denomination or denominations, callable or non-callable, and of such
type or form and of such period of maturity as the County Com-
missioners of Allegany County may deem advisable. The notes, bonds
or other certificates of indebtedness shall be signed by the President
of the County Commissioners of Allegany County and the Treasurer
of the County and shall have the corporate seal of Allegany County
affixed thereto. The principal amount of said notes, bonds or other
certificates of indebtedness and the interest payable thereon shall be
and remain exempt from taxation by the State of Maryland and by
the counties and municipalities of the State. If any such bonds, notes
or other certificates of indebtedness shall be sold, the provisions of
Sections 10 and 11 of Article 31 of the Annotated Code of Maryland
(1957 Edition), as amended from time to time shall be complied with.

Sec. 2. And be it further enacted, That the proceeds of the notes,
bonds or other certificates of indebtedness authorized by this Act
shall be expended solely for retaining walls, fencing, sidewalks,
grading, surfacing and other necessary improvements to and on the
grounds surrounding the several public school buildings in Allegany
County listed hereinbelow as determined by the Board of Education:

Allegany High School

Carver School

Fort Hill High School

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.