98                                     LAWS OF MARYLAND                            [CH. 62

registerable as to principal, shall be issued on the serial maturity
plan, and shall be known as "Public School Bonds of Worcester

County of-----------......................................„", inserting the year of issue;

the Board of County Commissioners shall by resolution adopt the
form of said bonds, fixing the date of issue, the denomination, place
of payment, the maturities, provided that none of said bonds shall
mature more than twenty-five (25) years from the date of issue, the
rate or rates of interest, not to exceed four per centum (4%) per
annum, or the manner of determining the same when the bonds are
offered for sale, the form of advertisement and all of the other
details in connection therewith.

Sec. 3. And be it further enacted, That said bonds may be sold
at one time or from time to time in such amount as may be determined
by the Board of County Commissioners of Worcester County, pro-
vided that the total principal amount of bonds issued hereunder
shall not exceed in the aggregate Seven Hundred and Fifty Thousand
Dollars ($750,000.00); they shall be sold in accordance with the
provisions of Article 31, Sections 9 to 11, inclusive, of the Annotated
Code of Maryland (1957 Edition), on such terms as the Board of
County Commissioners of Worcester County may determine, pro-
vided that none of said bonds shall be sold at less than par and
accrued interest, and the County Commissioners may reserve the
right to reject any or all bids. Said bonds shall be signed by the
President of the Board of County Commissioners of Worcester County
and shall be countersigned by the Treasurer of said County and the
corporate seal of the County shall be affixed thereto; the interest
coupons on said bonds shall be authenticated by the facsimile sig-
nature of the President of said Board of County Commissioners,
printed, engraved, or lithographed thereon. In case such bonds, or any
of them, shall be issued in any year after the making of the annual
tax levy for the year by the Board of County Commissioners, then
said Board is authorized and directed to pay any or all interest falling
due before the next tax levy out of any other funds at its disposal
and to include in the next levy the amount necessary to reimburse
such other funds. Should any of the persons designated to sign said
bonds be unable for any reason to do so, the Board of County
Commissioners shall by resolution authorize the execution thereof by
some other member or officer of said Board, and such execution shall
be valid and sufficient for all purposes as if the bonds had been
executed by the person or persons originally designated therein.
Should any person signing said bonds die or become incapacitated, or
should he cease to be an officer or a member of the Board, before the
delivery of the bonds, such signature shall nevertheless be valid and
sufficient for all purposes and shall be equally effective to bind the
Board of County Commissioners of Worcester County as if delivery
had been made before such death, incapacity, or expiration or other
termination of the term of office. All bonds issued under this Act and
the interest thereon shall be forever exempt from State, County and
Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That for the purpose of paying
the principal and interest on said bonds as they respectively mature
and become payable the Board of County Commissioners of Worcester
County shall levy annually on all the assessable property in Worcester
County a tax sufficient in rate and amount to pay the bonds maturing
during such year in accordance with the provisions thereof and to
pay interest on all of the bonds authorized by this Act, which may be