1282                               Laws of Maryland                         [Ch. 783

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 public school or schools for which said borrowing or
indebtedness is intended, the amount needed for said purposes, and
determining to borrow money or incur indebtedness 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 in-
stallment to mature not later than thirty (30) 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 installments.
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 redeem-
able 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
resolution shall determine the form of said bonds, including any
interest 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 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 offi-
cer, 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
resolution, be issued in coupon or in registered form or both, and
provision may be made for the registration of said bonds having
coupons attached, as to principal alone and also as to both principal
and interest, and for the reconversion of said bonds into coupon
form if any of such bonds shall have been registered as to both
principal and interest. Such bonds shall not be subject to the pro-
visions of Sections 9, 10 and 11 of Article 31 of the Code of Public
General Laws of Maryland (1957 Edition), but said County shall
offer said bonds only by solicitation of competitive bids therefor at
public sale. Said bonds may be sold for such price or prices as
may be determined to be for the best interests of the County, either
at, above or below the par value of any such bonds, but no such sale
shall be made at a price so low as to require the payment of interest