164                                LAWS OF MARYLAND                        [CH. 169

such form and bearing such rate or rates of interest as said County
Commissioners may by resolution determine, provided the aver-
age interest cost of each issue of such bonds shall not exceed
four per centum (4%) per annum; to provide that the proceeds
of the sale of any such bonds shall be used exclusively for the pur-
pose of erecting new school buildings, including land for such
buildings and for facilities appurtenant thereto, the payment of
architects' and other professional fees in connection therewith, the
alteration or repair of existing school buildings and the equipping
of school buildings, all in Cecil County; to authorize and direct
the County Commissioners of Cecil County to provide for the
payment of the maturing principal of and the interest on any
bond issued hereunder by the annual levy, until all of said bonds
and the interest thereon, shall have been paid or provisions made
for their payment, of ad valorem taxes upon all property subject
to assessment for taxation in said County, said taxes to be in
rate and amount sufficient for said purpose, subject to the appli-
cation, hereby permitted, on account of such principal and in-
terest of any school building incentive funds allocated to Cecil
County by the State of Maryland and not otherwise pledged.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Cecil County be and it is hereby
authorized and empowered to borrow upon its full faith and credit,
during the periods of time and in the manner hereinafter specified,
an aggregate sum not exceeding Two Million Five Hundred Thousand
Dollars ($2,500,000.00), and to evidence such borrowing by the
issue and sale as herein prescribed of the general obligation bonds
of the County in like face amount. The authority hereby granted
shall be exercised in such a manner that not exceeding the sum of
Five Hundred Thousand Dollars ($500,000.00) may be borrowed
during the calendar year 1965. The money borrowed pursuant to the
authority hereby conferred shall be expended in the manner here-
inafter described solely for the purpose of financing the erection of
new school buildings in the County, including the purchase of land
therefor, and appurtenant facilities, the payment of architects' and
other professional fees in connection therewith, the alteration or
repairing of existing school buildings in the County and the equip-
ment of all such buildings.

Sec. 2. And be it further enacted, Subject to the limitations
herein contained, the bonds of each issue hereby authorized shall
be dated, shall bear interest at such rate or rates, shall mature at
such time or times not exceeding twenty (20) years from their date
or dates, as may be determined by the County Commissioners of
Cecil County, and may be made redeemable before maturity, at the
option of the County Commissioners, at such price or prices and
under such terms and conditions as may be fixed by the County
Commissioners prior to the issuance of said bonds. In the event any
such issue of bonds shall be issued to mature and be payable on the
serial maturity plan, then the schedule of maturities of said issue
of bonds shall be so arranged that one-twentieth (1/20) of the prin-
cipal amount thereof shall mature and be retired in each consecutive
year accounting from the date of issue thereof. The interest to be
borne by the bonds of any such issue shall be limited to such rate
or rates as will produce an average interest cost on said bonds to