600                             LAWS OF MARYLAND                      [CH. 260

provided, however, that the total debt which may be incurred pur-
suant to the authority of this Act shall not exceed Three Million
Dollars ($3,000,000.00).

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 in-
stallments, the last installment to mature not later than thirty (30)
years from the date of issue of said group or series. In said resolu-
tion, 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 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 reso-
lution, 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 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 resolu-
tion 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 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 never-
theless 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 haying
coupons attached, as to principal alone and also as to both principal
and interest, and for the reconversion of said bonds into coupon
form if any 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) but said County shall offer said
bonds only by solicitation of competitive bids therefor at public