1500                           LAWS OF MARYLAND                       CH. 734

SEC. 10. AND BE IT FURTHER ENACTED, THAT THIS ACT
SHALL TAKE EFFECT ON THE FIRST DAY OF JUNE, 1968.

Approved May 7, 1968.

CHAPTER 734
(House Bill 914)

AN ACT to authorize and empower the Board of County Commis-
sioners of Caroline County to issue and sell serial bonds upon the
full faith and credit of said County in an amount not in excess of
Three Hundred Twenty-Five Thousand Dollars ($325,000.00) to
be issued in such amounts and at such times as said County
Commissioners may designate, for the purposes of designing, con-
structing, equipping and landscaping a public library and patron
parking facilities in Caroline County and authorizing the Board
of County Commissioners of Caroline County to levy taxes on
the assessable property in said County to provide funds for the
payment of interest and principal as the same become payable.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Caroline County be and they are
authorized and empowered to borrow at one time or from time to
time, upon the full faith and credit of Caroline County, and to
issue and sell at one time or from time to time its bonds therefor,
a sum or sums of money not to exceed Three Hundred Twenty-Five
Thousand Dollars ($325,000.00) at a net average interest rate not
in excess of six per centum (6%) per annum for the entire issue,
for the purposes of designing, constructing, equipping and land-
scaping a public library and patron parking facilities in Caroline
County, including architects and other professional fees in con-
nection therewith. The money raised by the bond issue authorized
by this Act shall be expended for the above purposes. Such bonds
shall be designated, shall be of such denomination or denominations
and of such type or form, and shall be of such periods of maturity,
not exceeding twenty-five (25) years, all as the County Commis-
sioners of Caroline County may by resolution provide, and the
proceeds of such sale or sales shall be spent in accordance with the
provisions hereof. The said borrowing and every bond, coupon or
other evidence thereof, 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.

Sec. 2. And be it further enacted, That said bonds shall be signed
by the President of said County Commissioners of Caroline County
and the Treasurer of Caroline County, with the seal of Caroline
County or a facsimile thereof affixed thereto. Said bonds shall be
in such denomination or denominations, payable at such place and
on such date or dates as the said County Commissioners shall by
resolution provide. Said bonds shall be issued upon the full faith
and credit of Caroline County in such amount or amounts as said
Commissioners shall determine, except that the total amount of such
bonds issued under this Act shall not exceed Three Hundred