J. MILLARD TAWES, Governor                     1985

($4,000,000) ($3,000,000) 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
from time to time, SHALL BE ISSUED NOT LATER THAN
JULY 31, 1963, in one or more groups or series, as funds for such
road AND CAPITAL IMPROVEMENT construction and mainte-
nance become necessary, provided, however, that the total debt
which may be incurred pursuant to the authority of this Act shall
not exceed Four THREE Million Dollars ($4,000,000) ($3,000,000)
FOR ROAD CONSTRUCTION AND MAINTENANCE AND TWO
HUNDRED THOUSAND DOLLARS ($200,000) FOR CAPITAL
IMPROVEMENTS.

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 road or roads 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 borrowing or in-
debtedness. Each series or groups 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 gen-
eral 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 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 inter-
est at such rate or rates not exceeding six per centum (6%) per
annum, payable semi-annually, 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 resolution or in subse-
quent resolutions, but prior to the issuance of said bonds. The prin-
cipal 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 officer whose signature shall appear on any
such bonds, 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 purposes the same as if he had remained
in office until such delivery. Said bonds may, by any such resolution,