1612                            LAWS OF MARYLAND                      [CH. 736

for taxation in said County, said taxes to be in rate and amount
sufficient for said purpose, subject to the application, hereby per-
mitted, on account of such principal and interest of any school
building incentive funds allocated to Cecil County by the State
of Maryland and not otherwise pledged.

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,
during the periods of time and in the manner hereinafter specified,
an aggregate sum not exceeding Eleven Million Dollars ($11,000,000),
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. The authority hereby granted shall be exercised in
such a manner that not exceeding the sum of Three Million Dollars
($3,000,000) may be borrowed during the calendar year 1967, not
exceeding Two Million Five Hundred Thousand Dollars ($2,500,000)
may be borrowed in 1968, not exceeding Three Million Dollars ($3,-
000,000) may be borrowed in 1969, and not exceeding Two Million
Five Hundred Thousand Dollars ($2,500,000) may be borrowed in
1970. The money borrowed pursuant to the authority hereby con-
ferred shall be expended in the manner hereinafter described solely
for the purpose of financing the erection of new school buildings in
the County, including the purchase of land therefor, and appur-
tenant facilities, the payment of architects' and other professional
fees in connection therewith, the alteration or repairing of existing
school buildings in the County and the equipment of all such build-
ings.

Sec. 2. And be it further enacted, Subject to the limitations herein
contained, the bonds of each issue 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 issue of 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 ac-
counting 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 five per centum (5%) per annum. The County
shall determine the form and the manner of execution of any
of said bonds, including any interest coupons to be attached thereto,
and shall fix the denomination or denominations of the bonds and
the place or places of payment of principal or interest, which may
be at any bank or trust company within or without the State. The
County Commissioners is hereby empowered to provide that the
County seal to be affixed to said bonds may be imprinted thereon in
facsimile, and that all signatures and counter-signatures on said
bonds and the coupons attached thereto may likewise be in facsimile
except that at least one of said signatures on each bond shall be