J. MILLARD TAWES, Governor                      681

of said public school facilities in Allegany County, are authorized
and empowered to borrow from time to time, in such amounts as the
Board of County Commissioners shall deem necessary, money on the
faith and credit of said county, and to issue therefor the promissory
notes or bonds or other certificates of indebtedness of the county;
provided, however, that in the aggregate said notes, bonds, or other
certificates of indebtedness shall not exceed the sum of three hundred
twenty-five thousand dollars ($325,000.00). Said notes, bonds or other
certificates of indebtedness shall bear a rate of interest not exceeding
five per centum per annum. If said sum or any portion thereof shall
be borrowed by the sale of notes, bonds or other certificates of in-
debtedness, they shall be designated as "School Construction and Im-
provement Notes, Bonds or Other Certificates of Indebtedness". They
shall be of such denomination or denominations, callable or non-call-
able, and of such type or form and of such period of maturity as the
County Commissioners of Allegany County may deem advisable. The
notes, bonds or other certificates of indebtedness shall be signed by
the President of the County Commissioners of Allegany County and
the Treasurer of the County and shall have the corporate seal of
Allegany County affixed thereto. The principal amount of said
notes, bonds or other certificates of indebtedness and the interest
payable thereon shall be and remain exempt from taxation by the
State of Maryland and by the counties and municipalities of the
State. If any such bonds, notes or other certificates of indebtedness
shall be sold, the provisions of Sections 8 to 12 of Article 31 of the
Annotated Code of Maryland (1957 Edition, as amended from time
to time) shall be complied with.

Sec. 2. And be it further enacted, That the proceeds received
from time to time from the sale of the notes, bonds or other certifi-
cates of indebtedness authorized by this Act shall be expended for
the purposes set out in Section 1 and to apply particularly to Beall
Elementary School, Allegany County High School, Fort Hill High
School, Valley High School, and the Board of Education office build-
ing; said order of listing implies no priority or preference in the man-
ner in which the money to be provided by this Act is to be expended
but the order of expenditure is to be within the determination of the
Board of Education of Allegany County.

Sec. 3. And be it further enacted, That the proceeds received
from time to time from the sale of such notes, bonds or other certi-
ficates of indebtedness shall be placed in a special fund by the County
Treasurer and shall be paid out by him only on warrants from the
Board of Education of Allegany County for the purposes and pro-
jects authorized by this Act provided, however, that if for any reason
any such proceeds are not to be paid out, as aforesaid, within a rea-
sonable period of time, the County Commissioners in their discretion
are hereby authorized to direct the County Treasurer to invest such
proceeds in accordance with the provisions of Section 22 of Article
95 of this Code, 1957 Edition as amended from time to time.

Sec 4. And be it further enacted, That for the purpose of paying
the interest on said notes, certificates or bonds and for redeeming
the same as they mature, the County Commissioners of Allegany
County shall annually levy such tax upon the assessable property of
said county as may be necessary to pay the annual interest on said
notes, certificates or bonds and to redeem the same as they become