152                             LAWS OF MARYLAND                      [CH. 113

4.    Constructing and equipping one elementary school at Colum-
bia; and

5.    Construction of all-weather running tracks, with fencing, at
Glenelg and Howard Schools; all in the said Howard County.

Sec. 2. And be it further enacted, That the County Commissioners
of Howard County shall, when they exercise said discretion, by
resolution, prescribe the form and tenor of said bonds, the method
and manner of offering the same for sale and the rate of interest
payable thereon, or the method of arriving at such rate or rates of
interest. Said County Commissioners may fix said rate or rates of
interest in said resolution or may request bidders to name the rate
or rates of interest upon which their bids are based, and said County
Commissioners may provide that different rates of interest may be
named for different serial maturities of said bonds or for different is-
sues thereof; provided, however, that under no circumstances shall
any such rate or rates of interest exceed five per centum (5%) per an-
num. The resolution or resolutions authorizing the issue of all or
any such bonds shall also fix the date or dates of issue thereof and the
terms and place for payment of maturing principal and interest.

Sec. 3. And be it further enacted, That such bonds when issued
shall be signed by the Chairman of the Board of County Commis-
sioners and the corporate seal of the County Commissioners shall be
attached thereto by the clerk of said County Commissioners and the
interest coupons attached to each of said bonds shall bear the
facsimile signature of the Chairman of the Board of County Com-
missioners, printed, lithographed or engraved thereon.

Sec. 4. And be it further enacted, That any bonds authorized by
this Act shall be sold in the manner prescribed in Sections 10 and 11
of Article 31 of the Annotated Code of Maryland, 1957 Edition, and
amendments thereto.

Sec. 5. And be it further enacted, That the proceeds from the sale
or sales of any of said bonds, shall, after the payment of the cost
of engraving or printing said bonds and other incidental costs and
expenses with reference to the issuance of such bonds, be paid over
to the Treasurer of Howard County and by him credited to the Board
of Education of Howard County to be held in a separate account,
subject to the order of the said Board of Education, and to be spent
only as provided in Section 1 of this Act.

Sec. 6. And be it further enacted, That until all of the bonds,
certificates of indebtedness, promissory notes or other evidences of
indebtedness issued under this Act have matured and been redeemed,
the County Commissioners of Howard County shall annually levy a
tax upon the assessable property of the County sufficient to pay the
interest on the bonds outstanding and the principal of bonds matur-
ing during the succeeding year.

Sec. 7. And be it further enacted, That for the purpose of paying
the interest on such bonds as may be issued under the provisions of
this Act and redeeming them as they mature, the County Commis-
sioners of Howard County shall include in the levy for the year after