J. MILLARD TAWES, GOVERNOR                            545

the interest thereon from all State, county and municipal taxation
in the State of Maryland.

Section 1. Be it enacted by the General Assembly of Maryland,
That, as used herein, the term "County" shall mean the body politic
and corporate of the State of Maryland known as the County Com-
missioners of Frederick County, and the term "public schools" shall
include the construction, reconstruction, improvement, extension, ac-
quisition, alteration, repair and modernization of public school build-
ings or buildings for school purposes in Frederick County, including
sites therefor, the cost of acquiring any such sites, architectural and
engineering services, including the preparation of plans, drawings
and specifications for such schools and the development of the grounds
and landscaping thereof, and all customary permanent appurtenances
and recreational and pedagogical equipment for such schools.

Sec. 2. And be it further enacted, That, the County is hereby
authorized 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 Frederick County and, in order to make such financ-
ing 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 Five Million
Dollars ($5,000,000) 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, provided, how-
ever, that the total debt which may be incurred pursuant to the
authority of this Act shall not exceed Five Million Dollars
($5,000,000).

Sec. 3. And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or issuing
any bonds pursuant to the authority of this Act, adopt a resolution
describing the public school or schools for which said borrowing or
indebtedness is intended, the amount needed for said purposes in the
aggregate, and determining to borrow money or incur indebtedness
for all or a 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 in-
stallments. 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-