1588                           LAWS OF MARYLAND                     [CH. 718

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 public school construction or
acquisition become necessary, provided, however, that the total debt
which may be incurred pursuant to the authority of this Act shall
not exceed [Three Million Five Hundred Thousand Dollars ($3,500,
000.00)] Six Million Five Hundred Thousand Dollars ($6,500,000.00).
PURSUANT TO THE AUTHORITY OF THIS ACT SHALL NOT
EXCEED THREE MILLION DOLLARS ($3,000,000.00).

Sec. 3. And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or issu-
ing any bonds pursuant to the authority of this Act, adopt a resolu-
tion describing the public school or schools for which said borrowing
or indebtedness is intended, the amount needed for said purposes in
the aggregate, and determining to borrow money or incur indebted-
ness 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 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 authority 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 payable, 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 interest 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