62                               LAWS OF MARYLAND                         [CH. 38

CHAPTER 38
(Senate Bill 88)

AN ACT to authorize and empower the County Commissioners of
Cecil County to borrow, upon the faith and credit of the County
an amount not to exceed Four Million Dollars and to evidence such
borrowing by the issuance and sale of general obligation bonds of
the County in such form and bearing such rate or rates of interest
as said County Commissioners may by resolution determine, pro-
vided the average interest cost of each issue of such bonds shall
not exceed four per centum (4%) per annum; to provide generally
for the time of issuance and the amount of such issues; to provide
that all proceeds of the sale of any such bonds shall be used ex-
clusively for the purpose of building, expansion and capital im-
provement of and to the Union Hospital, situated in Elkton, Cecil
County, Maryland, for equipment used in connection therewith,
and for the payment of architects' and other professional fees in
connection therewith; to authorize and direct the County Com-
missioners of Cecil County to provide for the payment of the
maturing principal of and the interest on any bonds issued here-
under by the annual levy, until all of said bonds and the interest
thereon, shall have been paid or provisions made for their pay-
ment, of ad valorem taxes upon all property subject to assessment
for taxation in said County, said taxes to be in rate and amount
sufficient for said purpose.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Cecil County be and it is hereby
authorized and empowered to borrow upon its full faith and credit,
an amount not to exceed Four Million Dollars, and to evidence such
borrowing by the issue and sale as herein prescribed of the general
obligation bonds of the County in like face amount, said bonds to
be designated as "Cecil County Union Hospital Construction Bonds".
The money borrowed pursuant to the authority hereby conferred
shall be expended in the manner hereinafter described solely for the
purpose of financing the building, expansion and capital improvement
of and to the Union Hospital, situated in Elkton, Cecil County, for
equipment used in connection therewith, and for the payment of
architects' and other professional fees in connection therewith.

Sec. 2. And be it further enacted, That subject to the limitations
herein contained, the bonds hereby authorized shall be dated, shall
bear interest at such rate or rates, shall mature at such time or times
not exceeding twenty (20) years from their date or dates, as may be
determined by the County Commissioners of Cecil County, and may
be made redeemable before maturity, at the option of the County
Commissioners, at such price or prices and under such terms and
conditions as may be fixed by the County Commissioners prior to
the issuance of said bonds. In the event any such bonds shall be
issued to mature and be payable on the serial maturity plan, then
the schedule of maturities of said issue of bonds shall be so arranged
that one-twentieth (1/20) of the principal amount thereof shall
mature and be retired in each consecutive year accounting from the
date of issue thereof. The interest to be borne by the bonds of any
such issue shall be limited to such rate or rates as will produce an
average interest cost on said bonds to the County of not exceeding