MARVIN MANDEL, Governor                      1615

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 Four Million Dollars
($4,000,000).

Sec. 3. And be it further enacted, That, subject to the fore-
going limitations, the County shall, before borrowing any money or
issuing any bonds pursuant to the authority of this Act, adopt a
resolution describing generally by classes the public school or schools
for which said borrowing or indebtedness is intended, the amount
needed for said purposes, 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 last installment to mature no later than thirty (30)
years from the date of issue of said group or series. In said resolu-
tion, the County shall fix the annual serial maturity plan with respect
to the bonds to be issued thereunder and said annual serial maturi-
ties 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,
the County shall have and is hereby granted full and complete author-
ity 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 the bonds shall respectively mature and be payable, the
manner of selling the 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, and shall mature at such time or times as may be
determined by said resolution, and the 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 the County, either in said resolution or in subsequent
resolutions, but prior to issuance of the bonds. The principal of and
interest on the bonds may be made payable in any lawful medium.
Said resolution shall determine the form of the bonds, including
any interest coupons to be attached thereto, and the manner of
executing and sealing the same, which may be by facsimile, and shall
fix the denomination or denominations of the bonds and the place
or places of payment of the principal and the interest thereon, which
may be at any bank or trust company within or without 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