Marvin Mandel, Governor                           37

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 3 of Chapter 733 of the Laws of 1968 be and it is
hereby repealed and re-enacted, with amendments, to read as follows:

3.

Subject to the foregoing limitations, the County shall before, bor-
rowing any money or issuing any bonds pursuant to the authority of
this Act, adopt a resolution describing 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 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 con-
secutive annual installments. Subject to the limitations herein con-
tained, said County shall have and is hereby granted full and com-
plete authority and discretion to fix and determine, in said resolu-
tion, 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 gen-
erally 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] eight per
centum [(6%)] (8%) per annum, payable semi-annually, shall
mature at such time or times as may be determined by said resolu-
tion, 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 attached thereto, and the manner of executing and
sealing the same, which may be by facsimile, and shall fix the denomi-
nation or denominations of the bonds and the place or places of pay-
ment 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 officer
before the delivery thereof, such signature shall nevertheless be valid
and sufficient for all purposes the same as if he had remained in office
until such delivery. Said bonds may, by any such resolution, be
issued in coupon or in registered form or both, and provision may
be made for the registration of said bonds having coupons attached,
as to principal alone and also as to both principal and interest, and
for the reconversion of said bonds into coupon form if any such bonds
shall have been registered as to both principal and interest. Such
bonds shall not be subject to the provisions of Sections 9, 10, and 11
of Article 31 of the Code of Public General Laws of Maryland (1967
Replacement Volume) but said County shall offer said bonds only by