SPIRO T. AGNEW, Governor                      1509

Sec. 2. And be it further enacted, That the County is hereby
authorized and empowered to finance the construction of transit fa-
cilities, as defined in Section 1 of this Act, 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 Eighty-
Eight Million Dollars ($88,000,000) 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 transit facilities become necessary, provided, however, that
the total debt which may be incurred pursuant to the authority of
this Act shall not exceed Eighty-Eight Million Dollars ($88,000,000).

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 transit facilities for which said borrowing or in-
debtedness is intended, the amount needed for said purposes in the
aggregate, and determining to borrow money or incur indebtedness
for all or 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. Subject to the limitations herein contained,
said County shall have and is hereby granted full and complete au-
thority 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 pay-
able, 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 in-
terest 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 resolution 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 fac-
simile, and shall fix the denomination or denominations of the bonds
and the place or places of payment of the principal and interest
thereon, which may be at any bank or trust company within or with-
out 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 nevertheless be valid and sufficient for all purposes the same