1646                             Laws of Maryland                       Ch. 570

CHAPTER 570
(Senate Bill 797)

AN ACT to authorize and empower the County Commissioners of
Charles County to borrow in their discretion upon the faith and
credit of said County an amount or amounts not exceeding two
and one-half million dollars ($2,500,000.00), and to issue bonds
therefor, for the construction, alteration, remodeling and equip-
ping of schools in THE MIDDLE SCHOOL IN WALDORF,
Charles County; and providing for the levy of taxes in Charles
County for the payment of principal and interest on such bonds.
; AND SUBMITTING THIS ACT TO A REFERENDUM OF
THE QUALIFIED VOTERS OF CHARLES COUNTY.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Charles County be and they are
hereby authorized and empowered to borrow at one time, or from
time to time, on the faith and credit of said County, a sum or sums
not exceeding in the aggregate two and one-half million dollars
($2,500,000.00) and to issue and sell bonds therefor, the proceeds
thereof to be used for the purpose of and for the construction,
alteration, remodeling and equipping of schools m THE MIDDLE
SCHOOL IN WALDORF, Charles County, and to pay all expenses,
including advertising, printing, and legal fees, incurred in the issu-
ance and sale of any bonds hereunder, the said amount so borrowed
to be used for no other purpose whatsoever.

Sec. 2. And be it further enacted, That said County Commis-
sioners shall by proper resolution fix the maturity or maturities of
any such bonds, provided, however, that no bonds so issued shall
mature later than twenty years from the date of their issue, and
provided further that any such bonds shall be issued on the serial
maturity plan; such resolution may fix the denomination or denomi-
nations in which said bonds shall be issued, the interest rate or rates
of said bonds or the manner of determining the same, provided the
rate or rates of interest shall not exceed eight per centum (8%) per
annum, the manner and place of payment, the date, place and terms
of the sale of the bonds, and all details not herein otherwise provided
for with respect to the form, issuance and sale thereof; said bonds
shall be signed by the President of the County Commissioners and
by the Treasurer of Charles County, and the seal of said County
shall be affixed thereto. Said bonds may be made registrable as to
principal.

Sec. 3. And be it further enacted, That any bonds issued here-
under may be sold, in the discretion of the County Commissioners, at
public or private sale, provided that no bonds shall be sold at less
than par; that any bonds sold under the authority hereby conferred
shall be exempted from the provisions of Sections 10 and 11 of
Article 31 of the Annotated Code of Maryland (1957 Edition), and
said bonds and the coupons attached thereto and the interest payable
thereon shall be and remain forever exempt from State, County and
Municipal taxation in the State of Maryland.

Sec. 4. And be it further enacted, That the proceeds of the sale
of said bonds shall be paid to the Treasurer of Charles County and