J. MILLARD TAWES, GOVERNOR                            555

said county commissioners may by resolution determine, provided
the average interest cost of each issue of such bonds shall not ex-
ceed five per centum (5%) per annum; to provide that proceeds
of the sale of any such bonds shall be used exclusively for the pur-
pose of erecting new school buildings, including land for such
buildings and for facilities appurtenant thereto, the payment of
architects' and other professional fees in connection therewith, the
alteration or repair of existing school buildings and the equipping
of school buildings, all in St. Mary's County; to authorize and di-
rect the county commissioners of St. Mary's County to provide for
the payment of the maturing principal of and the interest on any
bond issued hereunder by the annual levy, until all of said bonds
and the interest thereon, shall have been paid or provisions made
for their payment, of ad valorem taxes upon all property subject
to assessment for taxation in said County, said taxes to be in rate
and amount sufficient for said purpose, subject to the application,
hereby permitted, on account of such principal and interest of any
school building incentive funds allocated to St. Mary's County by
the State of Maryland and not otherwise pledged and providing a
referendum thereon.

Section 1. Be it enacted by the General Assembly of Maryland,
That the county commissioners of St. Mary's County be and it is
hereby authorized and empowered to borrow upon its full faith and
credit, an aggregate sum not exceeding two million dollars ($2,000,-
000.00), and to evidence such borrowing by the issue and sale as here-
in prescribed of the general obligation bonds of the county in like
face amount. The money borrowed pursuant to the authority hereby
conferred shall be expended in the manner hereinafter described
solely for the purpose of financing the erection of new school build-
ings in the county, including the purchase of land therefor, and for
appurtenant facilities, the payment of architects' and other profes-
sional fees in connection therewith, the alteration or repairing of
existing school buildings in the county and the equipment of all such
buildings.

Sec. 2. And be it further enacted, Subject to the limitations here-
in contained, the bonds of each issue hereby authorized shall be dated,
shall bear interest at such rate or rates, shall mature at such time or
times not exceeding twenty (20) years from their date or dates, as
may be determined by the county commissioners of St. Mary's Coun-
ty, and may be made redeemable before maturity, at the option of
the county commissioners, at such price or prices and under such
terms and conditions as may be fixed by the county commissioners
prior to the issuance of said bonds. In the event any such issue of
bonds shall be issued to mature and be payable on the serial maturity
plan, then the schedule of maturities of said issue of bonds shall be
so arranged that one-twentieth (1/20) of the principal amount there-
of shall mature and be retired in each consecutive year accounting
from the date of issue thereof. The interest to be borne by the bonds
of any such issue shall be limited to such rate or rates as will produce
an average interest cost on said bonds to the county of not exceeding
five per centum (5%) per annum. The county shall determine the
form and the manner of execution of any of said bonds, including
any interest coupons to be attached thereto, and shall fix the de-
nomination or denominations of the bonds and the place or places of
payment or principal or interest, which may be at any bank or trust
company within or without the state. The county commissioners are