J. MILLARD TAWES, Governor                      389

defined in Section 1 of this Act, for the use of the Board of Education
of Frederick 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 Six Million Dollars ($6,000,-
000.00) and to evidence such borrowing by the issuance and sale upon
its full faith and credit of its serial maturity, general obligation cou-
pon bonds in like par amount, upon the terms and conditions herein-
after 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 Six Million Dollars ($6,000,000.00).

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 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 interest 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 resolu-
tion 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 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 signa-
ture shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery. Said bonds