SPIRO T. AGNEW, Governor                       671

Sec. 3. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved April 19, 1968.

CHAPTER 440
(House Bill 399)

AN ACT to authorize and empower the County Commissioners of
Garrett County to borrow in their discretion upon the faith and
credit of said County an amount or amounts not exceeding three
hundred fifty thousand dollars ($350,000), and to issue bonds
therefor, for the construction of a community college in Garrett
County; and providing for the levy of taxes in Garrett County
for the payment of principal and interest on such bonds, and/or
the pledging of the proceeds of school building incentive funds
for such purpose.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Garrett County be and they are
hereby authorized and empowered to borrow at one time, or from
time to time, on the faith and credit of said County, a sum or sums
not exceeding the aggregate three hundred fifty thousand dollars
($350,000) and to issue and sell bonds therefor, the proceeds thereof
to be used for the purpose of the construction of a community college
in Garrett County, and to pay all expenses, including advertising,
printing, and legal fees, incurred in the issuance and sale of any
bonds hereunder, the said amount so borrowed to be used for no
other purpose whatsoever.

Sec. 2. And be it further enacted, That said County Com-
missioners shall by proper resolution fix the maturity or maturities
of any such bonds, provided, however, that no bonds so issued shall
mature later than twenty years from the date of their issue, and
provided further that any such bonds shall be issued on the serial
maturity plan; such resolution may fix the denomination or
denominations in which said bonds shall be issued, the interest rate
or rates of said bonds or the manner of determining the same,
provided the rate or rates of interest shall not exceed five per centum
(5%) per annum, the manner and place of payment, the date, place
and terms of the sale of the bonds, and all details not herein other-
wise provided for with respect to the form, issuance and sale
thereof; said bonds shall be signed by the President of the County
Commissioners and by the Treasurer of Garrett County, and the
seal of said County shall be affixed thereto. Said bonds may be made
registrable as to principal.

Sec. 3. And be it further enacted, That any bonds issued here-
under may be sold, in the discretion of the County Commissioners,
at public or private sale, provided that no bonds shall be sold at less
than par; that any bonds sold under the authority hereby conferred
shall be exempted from the provisions of Sections 10 and 11 of Article
31 of the Annotated Code of Maryland (1957 Edition), and said