J. MILLARD TAWES, GOVERNOR                         1669

CHAPTER 902
(House Bill 807)

AN ACT to authorize and empower the County Commissioners of
Allegany County to borrow an amount not to exceed $5,000,000.00
and to issue bonds, and promissory notes or other certificates of
indebtedness therefor for the purpose of acquiring land for certain
public school construction, constructing certain new public schools,
expanding, renovating, or altering certain existing public schools,
and purchasing facilities and equipment needed for the operation of
said public schools in Allegany County AND MATTERS IN-
CIDENT THERETO.

Section 1. Be it enacted by the General Assembly of Maryland.
That the County Commissioners of Allegany County, a body corporate,
in order to provide funds for the purpose of acquiring land for cer-
tain public school construction, constructing certain new public
schools, expanding, renovating or altering certain existing public
schools, and purchasing facilities and equipment needed for the
operation of said public schools in Allegany County, are authorized
and empowered to borrow from time to time in such amounts as the
Board of County Commissioners shall deem necessary money on the
faith and credit of said county and to issue therefor the promissory
notes or bonds or other certificates of indebtedness of the county;
provided, however, that in the aggregate said notes, bonds, or other
certificates of indebtedness shall not exceed the sum of $5,000,000.00

and that said money shall be made available for use of the Board of

Education of Allegany County as follows: $250,000 on or before
August 1, 1961; $750,000 on or before January 1, 1962; $1,000,000
on or before January 1, 1963; $1,000,000 on or before January 1,
1961; $1,000,000 on or before January 1, 1965; and $1,000,000 on or
before January 1, 1966. Said notes, bonds or other certificates of
indebtedness shall bear a rate of interest not exceeding five per
centum per annum. If said sum or any portion thereof shall be
borrowed by the sale of notes, bonds or other certificates of indebted-
ness, they shall be designated as "School Construction and Improve-
ment Notes, Bonds or Other Certificates of Indebtedness". They
shall be of such denomination or denominations, callable or non-
callable, and of such type or form and of such period of maturity as
the County Commissioners of Allegany County may deem advisable.
The notes, bonds or other certificates of indebtedness shall be signed
by the President of the County Commissioners of Allegany County
and the Treasurer of the County and shall have the corporate seal of
Allegany County affixed thereto. The principal amount of said notes,
bonds or other certificates of indebtedness and the interest payable
thereon shall be and remain exempt from taxation by the State of
Maryland and by the counties and municipalities of the State. If any
such bonds, notes or other certificates of indebtedness shall be sold,
the provisions of Sections 10 and 11 of Article 31 of the Annotated
Code of Maryland (1957 Edition), as amended from time to time shall
be complied with.

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.