Marvin Mandel, Governor                           23

CHAPTER 7
(Senate Bill 5)

AN ACT to repeal and re-enact, with amendments, Section 3 of
Chapter 545 of the Acts of the General Assembly of 1968, amend-
ing the law which authorizes and empowers the County Com-
missioners of Harford County to borrow a certain sum of money
in order to finance the construction, acquisition, improvement, or
extension of public schools in that county, as further defined in
said Chapter 545 of 1968, in order to change the maximum rate of
interest specified for these bonds.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 3 of Chapter 545 of the Acts of the General Assembly
of 1968, be and it is hereby repealed and re-enacted, with amend-
ments, to read as follows:

3.

[s]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 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 in-
debtedness. 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 there-
under and said annual serial maturities shall be so fixed as to con-
form 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 arriv-
ing 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%)] eight per centum (8%) per annum,
payable semiannually, shall mature at such time or times as may be
determined by said resolution, and said bonds may, by said resolu-
tion 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, in-
cluding 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