SPIRO T. AGNEW, Governor                      1495

Kent County. AND MODERNIZATION OF PUBLIC SCHOOL
BUILDINGS OR BUILDINGS FOR SCHOOL PURPOSES IN
KENT COUNTY, INCLUDING SITES THEREFOR, THE COST
OF ACQUIRING ANY SUCH SITES, ARCHITECTURAL AND
ENGINEERING SERVICES, INCLUDING PREPARATION OF
PLANS, DRAWINGS AND SPECIFICATIONS FOR SUCH
SCHOOLS AND THE DEVELOPMENT OF THE GROUNDS AND
LANDSCAPING THEREOF, AND ALL CUSTOMARY PERMAN-
ENT APPURTENANCES AND RECREATIONAL AND PEDA-
GOGICAL EQUIPMENT FOR SUCH SCHOOLS.

Sec. 2. And be it further enacted, That the County is hereby
authorized and empowered to finance the construction of public
schools, as denned in Section 1 of this Act, for the use of the Board
of Education of Kent County and, in order to make such financing
possible, said County is hereby granted the power and authority to
borrow money and incur indebtedness for such purpose, from time
to time, in an amount not exceeding the sum of one million dollars
($1,000,000) 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, provided, how-
ever, that the total debt which may be incurred pursuant to the
authority of this Act shall not exceed one million dollars
($1,000,000).

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 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 indebtedness 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 installments. Sub-
ject 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 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 redeem-
able before maturity, at the option of the County, at such price or