SPIRO T. AGNEW, Governor                        507

time to time, in one or more groups or series, as funds for such pub-
lic school construction or acquisition become necessary, provided,
however, that the total debt which may be incurred pursuant to the
authority of this Act shall not exceed Twenty-Five Million Dollars
($25,000,000).

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 maturities 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 install-
ments. 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 generally all matters incident or neces-
sary 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 ex-
ceeding 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 determine 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 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 be made for the
registration of said bonds having coupons attached, as to principal
alone and also as to both principal and interest, and for the reconver-
sion of said bonds into coupon form if any of such bonds shall have
been registered as to both principal and interest. Such bonds shall
not be subject to the provisions of Sections 9, 10 and 11 of Article 31
of the Code of Public General Laws of Maryland (1957 Edition)