1644                              Laws of Maryland                       [Ch. 893

Sec. 2. And be it further enacted, That the County is hereby au-
thorized and empowered to finance the construction of public schools,
as defined in Section 1 of this Act, for the use of the Board of
Education of Prince George's County and, in order to make such
financing possible, said County is hereby granted the power and
authority to borrow money and incur indebtedness for such purpose,
from time to time, in an amount not exceeding the sum of Ten Mil-
lion Dollars ($10,000,000) and to evidence such borrowing by the
issuance and sale upon its full faith and credit of its serial maturity,
general obligation coupon bonds in like par amount, upon the terms
and conditions hereinafter set forth. Such bonds may be issued
from time to time, in one or more groups or series, as funds for such
public school construction or acquisition become necessary, pro-
vided, however, that the total debt which may be incurred pursuant
to the authority of this Act shall not exceed Ten Million Dollars
($10,000,000).

Sec. 3. And be it further enacted, That subject to the foregoing
limitations, the County shall, before borrowing any money or issu-
ing any bonds pursuant to the authority of this Act, adopt a resolu-
tion 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
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
installment 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 redeemable 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 the 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