J. MILLARD TAWES, Governor                     1351

CHAPTER 852
(House Bill 678)

AN ACT to authorize the County Commissioners of Howard County,
in their discretion, to borrow One Million Dollars ($1,000,000),
upon the faith and credit of said Howard County for the purpose
of constructing and equipping Administrative Offices for the Board
of Education and other County Agencies in said Howard County,
and to issue Bonds therefor and to levy taxes to pay the principal
and interest of such bonds.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Howard County, be, and they are
hereby authorized and empowered, in their discretion, to issue at one
time, or from time to time, upon the faith and credit of said County,
bonds in an amount or amounts not exceeding in the aggregate One
Million Dollars ($1,000,000), for the purpose of constructing and
equipping Administrative Offices for the Board of Education and
other County Agencies, in said Howard County.

Sec. 2. And be it further enacted, That the County Commissioners
of Howard County shall, when they exercise said discretion, by resolu-
tion, prescribe the form and tenor of said bonds, the method and
manner of offering the same for sale and the rate, of interest payable
thereon, or the method of arriving at such rate or rates of interest.
Said County Commissioners may fix said rate or rates of interest in
said resolution or may request bidders to name the rate or rates of
interest upon which their bids are based, and said County Commis-
sioners may provide that different rates of interest may be named for
different serial maturities of said bonds or for different issues thereof;
provided, however, that under no circumstances shall any such rate or
rates of interest exceed five per centum (5%) per annum. The resolu-
tion or resolutions authorizing the issue of all or any such bonds shall
also fix the date or dates of issue thereof and the terms and place for
payment of maturing principal and interest.

Sec. 3. And be it further enacted, That such bonds when issued
shall be signed by the Chairman of the Board of County Commis-
sioners and the corporate seal of the County Commissioners shall be
attached thereto by the clerk of said County Commissioners and the
interest coupons attached to each of said bonds shall bear the
facsimile signature of the Chairman of the Board of County Commis-
sioners, printed, lithographed or engraved thereon.

Sec. 4. And be it further enacted, That any bonds authorized by
this Act shall be sold in the manner prescribed in Sections 10 and 11
of Article 31 of the Code of Public General Laws of Maryland, 1957
Edition, and amendments thereto.

Sec. 5. And be it further enacted, That the proceeds from the sale
or sales of any of said bonds, shall, after the payment of the cost of
engraving or printing said bonds and other incidental costs and
expenses with reference to the issuance of such bonds, be paid over to
the Treasurer of Howard County to be held in a separate account,
and to be spent only as provided in Section 1. of this Act.