54                                 Laws of Maryland                         Ch. 19

Chapter 644 of the Acts of 1968

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 reso-
lution 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 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 series 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], pay-
able 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, as such price or prices and under such terms and
conditions as may be fixed by said County, either in said resolu-
tion 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 deter-
mine 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 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 officer
before the delivery thereof, such signature shall nevertheless be
valid and sufficient for all purposes the same as if he had re-
mained 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 hav-
ing 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 Vol-
ume) but said County shall offer said bonds only by solicitation of
competitive bids therefor at public sale. Said bonds may be sold