J. MILLARD TAWES, Governor                       139

funds for such public school construction or acquisition become
necessary, provided, however, that the total debt which may be in-
curred pursuant to the authority of this Act shall not exceed
Twenty-Five Million Dollars ($25,000,000).

Sec. 3. And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or issuing
any bonds pursuant to the authority of this Act, adopt a resolution
describing generally by classes the public school or schools for which
said borrowing or indebtedness is intended, the amount needed for
said purposes, and determining to borrow money or incur indebted-
ness for all or a part of the amount so needed, and to issue its bonds
to evidence such borrowing or indebtedness. Each series or group of
said bonds shall be issued to mature in annual serial installments,
the last installment to mature not later than thirty (30) years from
the date of issue of said group or series. In said resolution, said
County shall fix the annual serial maturity plan with respect to the
bonds to be issued thereunder and said annual serial maturities
shall be so fixed as to conform to the general financial plans of the
County but need not be in equal par amounts or in consecutive an-
nual installments. Subject to the limitations herein contained, said
County shall have and is hereby granted full and complete authority
and discretion to fix and determine, in said resolution, the form and
tenor of any such bonds, the rate or rates of interest payable thereon,
or the method of arriving at the same, the date or dates upon which
said bonds shall respectively mature and be payable, the manner of
selling said bonds at public sale, and generally all matters incident
or necessary to the issuance, sale and delivery thereof. The bonds
of each such issue shall be dated, shall bear interest at such rate or
rates not exceeding six per centum (6%) per annum, payable semi-
annually, shall mature at such time or times as may be determined
by said resolution, and said bonds may, by said resolution be made
redeemable before maturity, at the option of the County, at such
price or prices and under such terms and conditions as may be fixed
by said County, either in said resolution or in subsequent resolutions,
but prior to the issuance of said bonds. The principal of and the
interest on said bonds may be made payable in any lawful medium.
Said resolution shall determine the form of said bonds, including
any interest coupons to be attached thereto, and the manner of
executing and sealing the same, which may be by facsimile, and
shall fix the denomination or denominations of the bonds and the
place or places of payment of the principal and the interest thereon,
which may be at any bank or trust company within or without the
State of Maryland. In case any officer whose signature shall appear
on any such bond, or on the coupons attached thereto, shall cease to
be such officer before the delivery thereof, such signature shall
nevertheless be valid and sufficient for all purposes the same as if
he had remained in office until such delivery. Said bonds may, by
any such resolution, be issued in coupon or in registered form or
both, and provision may be made for the registration of said bonds
having coupons attached, as to principal alone and also as to both
principal and interest, and for the reconversion of said bonds into
coupon form if any such bonds shall have been registered as to
both principal and interest. Such bonds shall not be subject to the
provisions of Sections 9, 10, and 11 of Article 31 of the Code of Public
General Laws of Maryland (1957 Edition) but said County shall
offer said bonds only by solicitation of competitive bids therefor at