J. MILLARD TAWES, Governor                      551

for the construction of a community college in Charles County;
and providing for the levy of taxes in Charles County for the
payment of principal and interest on such bonds, and/or the
pledging of the proceeds of school building incentive funds for
such purpose.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Charles County be and they are
hereby authorized and empowered to borrow at one time, or from
time to time, on the faith and credit of said County, a sum or sums
not exceeding in the aggregate five hundred thousand dollars
($500,000) and to issue and sell bonds therefor, the proceeds thereof
to be used for the purpose of the construction of a community col-
lege in Charles County, and to pay all expenses, including advertis-
ing, printing, and legal fees, incurred in the issuance and sale of
any bonds hereunder, the said amount so borrowed to be used for
no other purpose whatsoever.

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 twenty years from the date of their issue, and
provided 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, provided the
rate or rates of interest shall not exceed four per centum (4%) per
annum, the manner and place of payment, the date, place and terms
of the sale of the bonds, and all details not herein otherwise pro-
vided 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 Charles County, and the seal of said County
shall be affixed thereto. Said bonds may be made registrable as to
principal.

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), and
said bonds and the coupons attached thereto and the interest pay-
able 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 Charles 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 Trustees of the Charles County Com-
munity College for the purpose mentioned in Section 1 of this Act.

Sec. 5. And be it further enacted, That for the purpose of paying
the principal and interest on any bonds issued hereunder, as they
mature, the County Commissioners of Charles County are hereby