MARVIN MANDEL, Governor                       1273

CHAPTER 551
(House Bill 1475)

AN ACT to authorize and empower the County Commissioners of
Charles County to borrow upon the faith and credit of said County
an aggregate amount of One Million Dollars ($1,000,000.00) and
to issue bonds therefor, for the purpose of Public School con-
struction in Charles County, and providing for the levy of taxes in
Charles County for the payment of principal and interest on such
bonds.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Charles 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 in the aggregate One Million Dollars ($1,000,000.00),
to be known as the "Charles County Public School Construction
Loan of 1969," and to issue and sell bonds therefor, the proceeds
thereof to be used for the purpose of Public School construction in
Charles 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 Commis-
sioners 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 denomi-
nations in which said bonds shall be issued, the interest rate or
rates of said bonds or the manner of determining the same, the
manner and place of payment, the date, place and terms of the sale
of the bonds, and all details not herein otherwise 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 Charles 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 as
amended from time to time), and said bonds and the coupons
attached thereto and the interest payable thereon shall be and remain
forever exempt from State, County and Municipal taxation in the
State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale
of said bonds shall be paid to the Treasurer of Charles County
and shall be placed in a special fund by the County Treasurer, and
shall be paid out by him only on warrants from the County Com-
missioners, which warrants shall be i