1666                              Laws of Maryland                       [Ch. 901

issued in such amounts and at such times as said County Commis-
sioners may designate, for the purpose of building new school-
houses, the construction of additions to existing school-houses, or
altering and repairing the same, and for equipping such new or
existing school-houses, or for matching Federal State funds for
the above purposes; to be known as the "Caroline County General
Public School Construction Loan of 1961"; and authorizing the
Board of County Commissioners of Caroline County to levy taxes
on the assessable property in said County to provide funds for the
payment of interest and principal as the same become payable.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Caroline County be and they are
authorized and empowered to borrow at one time or from time to
time, upon the faith and credit of Caroline County, and to issue and
sell at one time or from time to time its bonds therefor, a sum or
sums of money not to exceed Five Hundred Six Thousand, Five
Hundred Dollars ($506,500.00), at a net average interest rate not in
excess of four per centum (4%) FIVE PER CENTUM (5%) per
annum for the entire issue, for the purpose of building new school-
houses, the construction of additions to existing school-houses, or
altering or repairing the same, and for equipping such new or existing
school-houses, or for architects and other professional fees in connec-
tion with said buildings, alterations, repairs or equipment or for
matching Federal or State funds for the above purposes. The money
raised by the bond issue authorized by this Act shall be expanded for
the above purpose at the Lockerman School in Denton PURPOSES.
Such bonds shall be designated "Public School Bonds of Caroline
County of 1961" and shall be of such denomination or denominations
and of such type or form, of such periods of maturity, not exceeding
twenty-five (25) years, and their average net interest rate not in
excess of four per centum (4%) FIVE PER CENTUM (5%) per an-
num for the entire issue, all as the County Commissioners of Caroline
County may deem advisable, and the proceeds of such sale or sales
shall be spent in accordance with the provisions hereof.

Sec. 2. And be it further enacted. That said bonds shall be signed
by the President of said County Commissioners of Caroline County
and the Treasurer of Caroline County, with the seal of Caroline
County affixed thereto. Said bonds shall be in such denomination or de-
nominations, payable at such place and on such date or dates
as the said County Commissioners shall by Resolution provide.
Said bonds shall be issued upon the faith and credit of
Caroline County in such amount or amounts as said Com-
missioners shall determine, except that the total amount of such bonds
issued under this Act shall not exceed Five Hundred Six Thousand,
Five Hundred Dollars ($506,500.00). The bonds shall bear interest
at an average net rate not in excess of four per centum (4%) FIVE
PER CENTUM (5%) per annum for the entire issue, as shall be pro-
vided by Resolution of said County Commissioners, and to be evidenced
by semi-annual coupons attached to said bonds and bearing the fac-
simile signature of the Treasurer of Caroline County. If such bonds are
issued, such issue and sale shall be exempt from the provisions of
Section 33 and Section 34 of Article 31 of the Annotated Code of
Maryland (1951 Edition). The said loan and every bond, coupon or
other evidence thereof, and the interest payable thereon, shall be and