146                             LAWS OF MARYLAND                      [CH. 146

CHAPTER 146
(House Bill 439)

AN ACT to authorize the County Commissioners of Garrett County
to borrow upon the faith and credit of said County the sum of
$325,000.00 at a rate of interest not to exceed five per centum
(5%) per annum and to issue bonds therefor for the use of the
Garrett County School Board for new construction and equipment
as agreed upon by the School Board, the Superintendent of Schools
and the County Commissioners.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Garrett County be and they are
hereby authorized to borrow upon the faith and credit of said County
the sum of Three Hundred Twenty-Five Thousand Dollars ($325,-
000.00) at a rate of interest not to exceed five per centum (5%) per
annum and to issue bonds therefor for the use of the Garrett County
School Board for new construction and equipment as agreed upon
by the School Board, the Superintendent of Schools and the County
Commissioners.

Sec. 2. And be it further enacted, That the said County Commis-
sioners are hereby authorized to borrow under the provisions of this
Act from such bank, banker, or trust company or from any other
source as they shall from time to time select. The said County Com-
missioners are authorized to execute and deliver negotiable promissory
notes, certificates of indebtedness, or bonds of the County Commis-
sioners of Garrett County to be signed by the President of said County
Commissioners and the Treasurer of Garrett County, with the seal
of the said County affixed thereto, in such denomination or denomina-
tions, payable at such place and at such date or dates as agreed upon
jointly by the School Board, the Superintendent of Schools, and the
County Commissioners and/or to issue and sell said notes, certificates
of indebtedness or bonds upon the faith and credit of the County in
such amount or amounts as agreed upon jointly by the School Board,
the Superintendent of Schools and the County Commissioners but the
total amount of such notes and bonds issued under this Act shall not
exceed Three Hundred Twenty-Five Thousand Dollars ($325,000.00).

The said notes, certificates of indebtedness and/or bonds shall bear
interest at such rate or rates not exceeding five per centum (5%) per
annum as shall be provided by resolution of the County Commis-
sioners, and in the event of issuance of bonds to be evidenced by
annual coupons attached to said bonds and bearing the facsimile
signature of the Treasurer of Garrett County. If bonds are issued,
the provisions of Sections 10 and 11 of Article 31 of the Annotated
Code of Maryland (1957 Edition), shall be complied with, said bonds
to be amortized over a twenty year period, interest only to be due and
owing on said bonds for a period of three years from the date of sale
thereof, principal due from the beginning of the fourth year payable in
seventeen equal annual installments, interest to run on the balance
of principal due. Said County Commissioners are authorized to
borrow under the provisions of this Act by selling the negotiable
promissory notes, certificates of indebtedness and/or bonds herein
authorized, at a discount less than the principal amount thereof, pro-