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Session Laws, 1959
Volume 642, Page 273   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                            273

at the Wicomico Senior High School, at Salisbury, Maryland, and
at the Salisbury High School, located on the Jersey Road, near Salis-
bury, Maryland, as may be determined necessary by the Board of
Education of Wicomico County and the County Commissioners of
Wicomico County, at a cost not to exceed Eighty-five Thousand
Dollars ($85,000.00), including cost of construction, architect fees,
equipment, engineering cost, and supervision, and (8) providing a
Contingency Fund of Forty-eight Thousand Dollars ($48,000.00), to
be used by the County Commissioners of Wicomico County and the
Board of Education of Wicomico County in their joint discretion, to
pay possible additional costs of construction, and/or equipment of
any and all of the said seven (7) projects named herein, and pro-
vided further, that any funds which are available for the projects
under (1) through (7) inclusive, and are not needed for said pur-
poses, such unused available funds, as well as any other unencum-
bered funds that may be available to the County Commissioners of
Wicomico County and/or the Board of Education of Wicomico
County for such capital improvements during the fiscal years 1959-60
and 1960-61 may be added to the Contingency Fund of Forty-eight
Thousand Dollars ($48,000.00), herein mentioned and used for the
same purposes as the aforesaid Contingency Fund; the County Com-
missioners of Wicomico County, Maryland, be, and they are hereby
authorized and empowered to borrow at one time, or from time to
time, upon the full faith and credit of said County, an amount not
exceeding Seven Hundred Seventy Thousand Dollars ($770,000.00),
and to issue coupon bonds therefor from time to time as said County
Commissioners of Wicomico County and the Board of Education of
Wicomico County jointly decide to carry out said purposes.

Sec. 2. And be it further enacted, That the said bonds shall be
issued in the denomination of One Thousand Dollars ($1,000.00),
with coupons attached thereto for the payment of interest thereon,
semi-annually, until maturity; said bonds shall be signed by the
President of the County Commissioners of Wicomico County and
counter-signed by the County Treasurer of Wicomico County, with
the seal of said County affixed thereto; and the coupons shall be
signed by the facsimile signature of the County Treasurer of
Wicomico County printed, engraved or lithographed thereon. Said
County Commissioners shall by resolution determine the rate or rates
of interest to be paid on the bonds, not exceeding five per centum
(5%) per annum, or the manner of determining the same, which
rates may vary on the bonds of different maturities, and the maturity
or maturities of the bonds, which shall be at a time or times not
exceeding twenty-five (25) years from the date of the bonds, and
shall likewise determine the form of the bonds, the medium of pay-
ment, and the place at which the principal and interest shall be pay-
able. In case any of the officers whose signatures appear on the bonds
and coupons shall cease to be such officers before the delivery of
such bonds, such signatures shall nevertheless be valid and sufficient
for all purposes, as if they had remained in office until such delivery.
Should any of the persons designated to sign said bonds be unable
for any reason to do so, the County Commissioners of Wicomico
County shall by resolution authorize the execution thereof by some
other member or officer, and such execution shall be valid and suffi-
cient for all purposes as if the bonds had been executed by the person
or persons originally designated. The bonds may be made register-

 

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Session Laws, 1959
Volume 642, Page 273   View pdf image (33K)
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