1632                             Laws of Maryland                       Ch. 560

payment of the maturing principal of and the interest on any
bond issued hereunder by the annual levy, until all of said bonds
and the interest thereon, shall have been paid or provisions made
for their payment, of ad valorem taxes upon all property subject
to assessment for taxation in said County, said taxes to be in rate
and amount sufficient for said purpose, subject to the application,
hereby permitted, on account of such principal and interest of any
school building incentive funds allocated to St. Mary's County
by the State of Maryland and not otherwise pledged and pro-
viding a referendum thereon.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of St. Mary's County are hereby
authorized and empowered to borrow upon its full faith and credit,
an aggregate sum not exceeding four million five hundred thousand
dollars ($4,500,000), and to evidence such borrowing by the issue
and sale as herein prescribed of the general obligation bonds of the
County in like face amount. The money borrowed pursuant to the
authority hereby conferred shall be expended in the manner here-
inafter described solely for the purpose of financing the erection
of new school buildings in the County, including the purchase of
land therefor, and for appurtenant facilities, the payment of archi-
tects' and other professional fees in connection therewith, the altera-
tion or repairing of existing school buildings in the County and
the equipment of all such buildings.

Sec. 2. And be it further enacted, Subject to the limitations
herein contained, the bonds of each issue hereby authorized shall
be dated, shall bear interest at such rate or rates, shall mature
at such time or times not exceeding twenty (20) years from their
date or dates, as may be determined by the County Commissioners
of St. Mary's County, and may be made redeemable before maturity,
at the option of the County Commissioners, at such price or prices
and under such terms and conditions as may be fixed by the County
Commissioners prior to the issuance of said bonds. In the event any
such issue of bonds shall be issued to mature and be payable on
the serial maturity plan, then the schedule of maturities of said
issue of bonds shall be so arranged that one-twentieth (1/20) of
the principal amount thereof shall mature and be retired in each
consecutive year accounting from the date of issue thereof. The
County shall determine the form and the manner of execution of
any of said bonds, including any interest coupons to be attached
thereto, and shall fix the denomination or denominations of the
bonds and the place or places of payment of principal or interest,
which may be at any bank or trust company within or without the
State. The Board of County Commissioners is hereby empowered to
provide that the County seal to be affixed to said bonds may be im-
printed thereon in facsimile, and that all signatures and counter-
signatures on said bonds and the coupons attached thereto may like-
wise be in facsimile except that at least one of said signatures on
each bond shall be manually affixed. In case any official whose signa-
ture or facsimile of whose signature shall appear on any such bonds
or coupons shall cease to be such official before the delivery of such
bonds, or shall become such an official between the date of issue
and date of delivery thereof, such signature or facsimile will never-
theless be valid and sufficient for all purposes the same as if he
had remained in office until such delivery or had taken office prior