726                                Laws of Maryland                        [Ch. 515

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 Edu-
cation of Anne Arundel 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 Fourteen Million Dol-
lars ($14,000,000) TEN MILLION 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, provided, however, that the total
debt which may be incurred pursuant to the authority of this Act
shall not exceed Fourteen Million Dollars ($11,000,000) TEN MIL-
LION 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 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, 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 bor-
rowing 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 ar-
riving 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 ma-
ture 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 interest thereon, which may be at any bank or trust
company within or without the State of Maryland. In case any of-
ficer whose signature shall appear on any such bonds, or on the cou-