SPIRO T. AGNEW, Governor                       597

CHAPTER 259
(House Bill 579)

AN ACT to repeal and re-enact, with amendments, Sections 2, 3 and
6 of Chapter 46 of the Acts of the General Assembly of 1966,
which authorizes the County Commissioners of Worcester County
to issue bonds for school construction, increasing the maximum
rate of interest that may be paid on bonds issued thereunder to
six percentum (6%) per annum, clarifying certain provisions of
said Chapter 46 and generally relating to the authorization and
issuance of bonds under the authority of said Chapter 46.

Section 1. Be it enacted by the General Assembly of Maryland,
That Sections 2, 3 and 6 of Chapter 46 of the Acts of the General
Assembly of 1966 be and they are hereby repealed and re-enacted,
with amendments, to read as follows:

2.

And be it further enacted, That any bonds issued under the
provisions of this Act shall be coupon form, but may be made
registerable as to principal, shall be issued on the serial maturity
plan, and shall be known as "Public School Bonds of Worcester
County of [1966] .......", inserting the year of issue [;]. [t] The
Board of County Commissioners shall by resolution adopt the form
of said bonds, fixing the date of issue, the denomination, place or
places of payment, the maturities, provided that none of said bonds
shall mature more than twenty-five (25) years from the date of
issue, the rate or rates of interest, not to exceed [four] six per
centum [4%] (6%) per annum, or the manner of determining the
same when the bonds are offered for sale, the form of advertisement
and all of the other details in connection therewith.

3.

And be it further enacted, That said bonds may be sold at one
time or from time to time in such amount or amounts as may be
determined by the Board of County Commissioners of Worcester
County, provided that the total principal amount of bonds issued
hereunder shall not exceed in the aggregate Two Million Dollars
($2,000,000.00); they shall be sold in accordance with the provisions
of Article 31, Sections 9 to 11, inclusive, of the Annotated Code of
Maryland (1957 Edition), on such terms as the Board of County
Commissioners of Worcester County may determine, provided that
none of said bonds shall be sold at less than par and accrued
interest, and the County Commissioners may reserve the right to
reject any or all bids. Said bonds shall be signed by the President
of the Board of County Commissioners of Worcester County, which
signature may be by facsimile, and shall be countersigned by the
Treasurer of said County and the corporate seal of the County shall
be affixed thereto; the interest coupons on said bonds shall be
authenticated by the facsimile signature of the President of said
Board of County Commissioners, printed, engraved, or lithographed
thereon. In case such bonds, or any of them, shall be issued in any
year after the making of the annual tax levy for the year by the Board
of County Commissioners, then said Board is authorized and directed