1654                           LAWS OF MARYLAND                     [CH. 759

bonds, or other certificates of indebtedness shall not exceed the sum
of three million dollars ($3,000,000.00). Said notes, bonds or other
certificates of indebtedness shall bear a rate of interest not exceeding
six per centum per annum. If said sum or any portion thereof shall
be borrowed by the sale of notes, bonds or other certificates of in-
debtedness, they shall be designated as "School Construction and
Improvement Notes, Bonds or Other Certificates of Indebtedness".
They shall be of such denomination or denominations, callable or
non-callable, and of such type or form and of such period of maturity
as the County Commissioners of Allegany County may deem advis-
able. The notes, bonds or other certificates of indebtedness shall be
signed by the President of the County Commissioners of Allegany
County and the Treasurer of the County and shall have the corporate
seal of Allegany County affixed thereto. The principal amount of
said notes, bonds or other certificates of indebtedness and the interest
payable thereon shall be and remain exempt from taxation by the
State of Maryland and by the counties and municipalities of the
State. If any such bonds, notes or other certificates of indebtedness
shall be sold, the provisions of Sections 8 to 12 of Article 31 of the
Annotated Code of Maryland (1957 Edition), as amended from time
to time, shall be complied with.

Sec. 2. And be it further enacted, That the proceeds received from
time to time from the sale of the notes, bonds or other certificates of
indebtedness authorized by this Act shall be expended for the purposes
set out in Section 1 and to apply particularly to:

1—South Cumberland Area—the construction of a new elementary
school.

2—George's Creek Area—the construction of a new elementary
school.

3—Frostburg Area—the construction of a new elementary school
and/or additions to existing elementary schools.

4—Bel Air-Rawlings Area—the construction of a new elementary
school.

5—Beall High School—the construction and renovation of athletic
facilities in the school and stadium.

The order of listing above implies no priority or preference in the
manner in which the money to be provided by this Act is to be
expended but the order of expenditure is to be within the determina-
tion of the Board of Education of Allegany County.

Sec. 3. And be it further enacted, That the proceeds received from
time to time from the sale of such notes, bonds or other certificates
of indebtedness shall be placed in a special fund by the County
Treasurer and shall be paid out by him only on warrants from the
Board of Education of Allegany County for the purposes and projects
authorized by this Act provided, however, that if for any reason
any such proceeds are not to be paid out, as aforesaid, within a rea-
sonable period of time, the County Commissioners in their discretion
are hereby authorized to direct the County Treasurer to invest such
proceeds in