30                               LAWS OF MARYLAND                       [CH. 17

to borrow money and incur indebtedness for such purpose, from
time to time, in an amount not exceeding the sum of Six Million
Dollars ($6,000,000) and to evidence such borrowing by the issuance
and sale upon its full faith and credit of its serial maturity, general
obligation coupon bonds in like par amount, upon the terms and
conditions hereinafter set forth. Such bonds may be issued from
time to time, in one or more groups or series, as funds for such
public school construction or acquisition become necessary, pro-
vided, however, that the total debt which may be incurred pursuant
to the authority of this Act shall not exceed Six Million Dollars
($6,000,000).

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 maturi-
ties 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
annual 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 gen-
erally 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 de-
termine 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