1688                           LAWS OF MARYLAND                      [CH. 804

in order to make such financing possible, said County is hereby
granted the power and authority to borrow money and incur indebt-
edness for such purpose, from time to time, in an amount not exceed-
ing the sum of 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 and Community College
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 Ten Million 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 generally by classes the public school or schools and the
Community College or Colleges for which said borrowing or indebted-
ness is intended, the amount needed for said purposes, and determin-
ing 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 installments. Subject to the
limitations herein contained, said County shall have and is hereby
granted full and complete authority and discretion to fix and deter-
mine, 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-anually, shall mature 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 reso-
lution 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
the interest thereon, which may be at any bank or trust company
within or without the State of Maryland. In case any officer whose
signature shall appear on any such bond, or on the coupons attached
thereto, shall cease to be such officer before the delivery thereof,
such signature shall nevertheless be valid and sufficient for all pur-