1180                            LAWS OF MARYLAND                     [CH. 477

Whereas, it is desirable and in the public interest that industrial
and commercial facilities be provided to encourage the location by
industrial and commercial firms in Calvert County, Maryland, and
thus provide the economic advantages of a broader property tax base
and full and gainful employment for many citizens of Calvert County;
and

Whereas, it is desirable and in the public interest of Calvert Coun-
ty to acquire and improve suitable lands within the boundary of said
County for the construction of an industrial park; now, therefore,

Section 1. Be it enacted by the General Assembly of Maryland,
That, as used herein, the term "County" shall mean the body politic
and corporate of the State of Maryland known as the County Com-
missioners of Calvert County, and the term "industrial park" shall
include the acquisition, construction, reconstruction, improvement,
extension, alteration, repair, modernization, and management of any
lands and structures to be used in connection with the development
of an area within Calvert County restricted to industrial and com-
mercial use. In all such cases, the term "industrial park" shall include
without limitation the acquisition and development of sites for speci-
fic projects or facilities in the "industrial park," the architectural,
engineering and consulting services incident thereto and the acquisi-
tion and installation of necessary furnishings and fixed permanent
equipment and expenses of management thereof.

Sec. 2. And be it further enacted, That, to finance the construc-
tion of an industrial park as defined in Section 1 of this Act, said
County is hereby granted the power and authority to borrow money
and incur indebtedness for such purposes, from time to time, in an
amount not exceeding the sum of Five Hundred Thousand Dollars
($500,000) and to evidence such borrowing by the issuance and sale
upon its full faith and credit of its serial maturity, general obliga-
tion 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 facilities
become necessary, provided, however, that the total debt which may
be incurred pursuant to the authority of this Act shall not exceed
Five Hundred Thousand Dollars ($500,000).

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 generally the 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 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 first installment to mature not later than five (5) years and the
last installment to mature not later than forty (40) years from the
date of issue of said group or series. In said resolution, the 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 in-
stallments. Subject to the limitations herein contained, said County