1824                             Laws of Maryland                        Ch 652

velopment of the grounds and landscaping thereof, and all cus-
tomary permanent appurtenances and recreational and pedagogical
equipment for such projects.

Sec. 2. And be it further enacted, That, the County is hereby
authorized and empowered to finance the construction of public
schools and community colleges as defined in Section 1 of this Act,
and, in order to make such financing possible, said County is hereby
granted the power and authority to borrow money and incur in-
debtedness for such purpose, from time to time, in an amount not
exceeding the sum of Four Million Dollars ($4,000,000) and to
evidence such borrowing by the issuance and sale upon its full faith
and credit of its serial maturity, general obligation coupon bonds
in like par amount, upon the terms and conditions hereinafter set
forth. Such bonds may be issued from time to time, in one or
more groups or series, as funds for such projects become necessary,
provided, however, that the total debt which may be incurred pur-
suant to the authority of this Act shall not exceed Four Million Dol-
lars ($4,000,000).

Sec. 3. And be it further enacted, That, 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
declaring that the borrowing or indebtedness is intended to finance
(including the payment of any bond anticipation notes issued for
such purposes) projects at the locations set forth in Section 1 of
this Act, the amount needed for said purposes and determining to
borrow money or incur indebtedness for all or 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 twenty (20) 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 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 de-
termine, in said resolution, the form and tenor of any such bonds,
the rate or rates of interest payable thereon, or the method of ar-
riving 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 eight per centum (8%) per annum payable semi-annually,
shall mature at such time or 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 res-
olution shall determine the form of said bonds, including any in-
terest 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