SPIRO T. AGNEW, Governor                       713

Improvements Bonds of Washington County," and shall be of such
denomination or denominations, callable or non-callable, and of such
type, or form, and of such period of maturity as the said County
Commissioners of Washington County may deem advisable, and said
bonds shall be signed by the President of said County Commissioners
of Washington County and the Treasurer of said County and have
the corporate seal of said Washington County affixed thereto, and
the principal amount of said bonds and the interest payable thereon
shall be and remain exempt from taxation by the State of Maryland
and by the counties and municipalities of said State; provided fur-
ther that if any such bonds shall be sold the provisions of Article 31,
Sections 10 and 11 of the Annotated Code of Maryland (1957 Edi-
tion) shall be complied with.

Sec. 2. And be it further enacted, That the proceeds of such notes
and/or of the proceeds from the sale of such bonds shall be placed
into a "Special Fund" by the County Treasurer and shall be paid out
by him only on warrants from the County Commissioners of Wash-
ington County for such expenditures as it shall deem to be proper, in
the sole discretion of said Commissioners for constructing new
schools in Washington County, for repairs, improvements and addi-
tions to existing school facilities in said County, to purchase land
therefor and equip such schools, and to pay architectural and other
professional fees in connection with such construction, repairs and
improvements.

Sec. 3. And be it further enacted, That all interest accumulated
on invested funds borrowed under the authority of this Act shall be
paid either into the special school fund created by Section 2 hereof
or to or for the payment of the maturing principal and interest on the
bonds hereby authorized, as provided in Section 22 of Article 95 of
the Annotated Code of Maryland (1957 Edition), provided that under
no circumstances shall any such accumulated interest be credited
by the county to its general fund and applied to any purpose other
than as provided in said Section 22.

Sec. 4. And be it further enacted, That all bonds issued under the
authority of this Act shall be exempt from taxation by the State of
Maryland and by the counties and municipalities of said State.

Sec. 5. And be it further enacted, That for the purpose of paying
the interest on said notes and/or bonds and for redeeming said notes
and/or bonds as they mature, the County Commissioners of Wash-
ington County shall annually levy such tax upon the assessable prop-
erty of said County as may be necessary to pay the annual interest
on said notes and/or bonds and to redeem said notes and/or bonds
as they become due until all of said notes and/or bonds shall have
matured and been redeemed. The taxes so levied shall be collected
in the same manner as other taxes are levied and collected in said
County.

Sec. 6. And be it further enacted, That the County Commissioners
of Washington County shall designate two of its members, and the
Board of Education of Washington County shall designate two of its
members who shall serve on the School Building Commission. The
Governor shall select two persons to serve on the School Building