J. MILLARD TAWES, Governor                        35

hereunder, the said amount so borrowed to be used for no other
purpose whatsoever. Of the total authorization of Three Million
Dollars ($3,000,000), not more than One Million Dollars ($1,000,000)
thereof shall be borrowed within any period of twelve consecutive
months.

Sec. 2. And be it further enacted, That said County Commis-
sioners shall by proper resolution fix the maturity or maturities of
any such bonds, provided, however, that no bonds so issued shall
mature later than thirty years from the date of their issue, and pro-
vided further that any such bonds shall be issued on the serial
maturity plan; such resolution may fix the denomination or denomi-
nations in which said bonds shall be issued, the interest rate or
rates of said bonds or the manner of determining the same, the
manner and place of payment, the date, place and terms of the sale
of the bonds, and all details not herein otherwise provided for with
respect to the form, issuance and sale thereof; said bonds shall be
signed by the President of the County Commissioners and by the
Treasurer of Calvert County, and the seal of said County shall be
affixed thereto. Said bonds may be registerable as to principal. Said
bonds shall be in coupon form, and the coupons may be authenti-
cated by the facsimile signature of the President of the Board of
County Commissioners of Calvert County, engraved, printed, or
lithographed thereon.

Sec. 3. And be it further enacted, That any bonds issued here-
under may be sold, in the discretion of the County Commissioners,
at public or private sale, provided that no bonds shall be sold at less
than par; that any bonds sold under the authority hereby conferred
shall be exempted from the provisions of Sections 10 and 11 of
Article 31 of the Annotated Code of Maryland (1957 Edition as
amended), and said bonds and the coupons attached thereto and the
interest payable thereon shall be and remain forever exempt from
State, County and Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale
of said bonds shall be paid to the Treasurer of Calvert County and
shall be placed in a special fund by the County Treasurer, and shall
be paid out by him only on warrants from the County Commis-
sioners, which warrants shall be issued only upon proper vouchers
presented by the Board of Education of Calvert County, Maryland.

Sec. 5. And be it further enacted, That for the purpose of pay-
ing the principal and interest on any bonds issued hereunder, as
they mature, the County Commissioners of Calvert County are
hereby directed to provide by proper resolution for the pledging of
all monies, or so much thereof as may be necessary, received from
the State of Maryland under the provisions of Section 222 of Article
77 of the Annotated Code of Maryland (1957 Edition), and any
amendments thereto, providing for an Incentive Fund for school
building, insofar as said Fund may not have already been pledged.
In addition, there shall be pledged, for the purpose of paying the
principal and interest on any bonds issued hereunder, as they mature,
the monies paid to the Board of County Commissioners from time
to time, under applicable provisions of State Laws relating to the
income tax, the tax on horse racing, the recordation tax, the tax on
amusements and admissions, license taxes, alcoholic beverages taxes,