556                              Laws of Maryland                      [Ch. 426

gate Five Hundred Thousand Dollars ($500,000.00) for the purpose
of constructing and equipping an addition to Howard High School,
four additional rooms at Guilford Elementary School and one addi-
tional room at Highland Elementary School, in said Howard County.

Sec. 2. And be it further enacted, That the County Commis-
sioners of Howard County shall, when they exercise said discretion,
by resolution, prescribe the form and tenor of said bonds, the method
and manner of offering the same for sale and the rate or rates of
interest payable thereon, or the method of arriving at such rate or
rates of interest. Said County Commissioners may fix said rate or
rates of interest in said resolution or may request bidders to name
the rate or rates of interest upon which their bids are based, and
said County Commissioners may provide that different rates of in-
terest may be named for different serial maturities of said bonds or
for different issues thereof; provided, however, that under no cir-
cumstances shall any such rate or rates of interest exceed five per
centum (5%) per annum. The resolution or resolutions authorizing
the issue of all or any of such bonds shall also fix the date or dates
of issue thereof and the terms and place for payment of maturing
principal and interest.

Sec. 3. And be it further enacted, That such bonds when issued
shall be signed by the Chairman of the Board of County Commis-
sioners and the corporate seal of the County Commissioners shall
be attached thereto by the clerk of said County Commissioners and
the interest coupons attached to each of said bonds shall bear the
facsimile signature of the Chairman of the Board of County Com-
missioners, printed, lithographed or engraved thereon.

Sec. 4. And be it further enacted, That any bonds authorized by
this Act shall be sold in the manner prescribed in Sections 10 and 11
of Article 31 of the Code of Public General Laws of Maryland, 1957
Edition, and amendments thereto.

Sec. 5. And be it further enacted, That the proceeds from the
sale or sales of any of said bonds shall, after the payment of the
cost of engraving or printing said bonds and other incidental costs
and expenses with reference to the issuance of such bonds, be paid
over to the Treasurer of Howard County and by him credited to the
Board of Education of Howard County to be held in a separate ac-
count, subject to the order of said Board of Education, and to be
spent only as provided in Section 1 of this Act.

Sec. 6. And be it further enacted, That until all of the bonds,
certificates of indebtedness, promissory notes or other evidences of
indebtedness issued under this Act have matured and been redeemed,
the County Commissioners of Howard County shall annually levy a
tax upon the assessable property of the County sufficient to pay the
interest on the bonds outstanding and the principal of bonds matur-
ing during the succeeding year.

SEC. 7. And be it further enacted, That for the purpose, of pay-
ing the interest on such bonds as may be issued under the provisions
of this Act and redeeming them as they mature, the County Commis-
sioners of Howard County shall include in the levy for the year
after their issuance and each year thereafter until they mature and