Marvin Mandel, Governor                           37

CHAPTER 28
(House Bill 301)

AN ACT to authorize the County Commissioners of Carroll County,
in their discretion, to borrow seven million dollars ($7,000,000.00),
upon the faith and credit of said Carroll County, for the purposes
of constructing and making improvements to public schools in
Carroll County, and to borrow one million dollars ($1,000,000.00),
upon the faith and credit of said Carroll County, for the purpose
of procuring office space for county agencies, and to issue bonds
therefor and to levy taxes to pay the principal and interest of
such bonds AND TO PROVIDE FOR THE RATE OF INTEREST
APPLICABLE TO SUCH BONDS.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Carroll County be, and they are
hereby authorized and empowered, in their discretion, to issue at
one time or from time to time, upon the faith and credit of said
county, bonds in an amount or amounts not exceeding in the aggre-
gate seven million dollars ($7,000,000.00), for the purposes of con-
structing and making improvements to public schools in Carroll
County, and bonds in an amount or amounts not exceeding in the
aggregate one million dollars ($1,000,000.00), for the purpose of
procuring office space for county agencies, and to issue bonds there-
for and to levy taxes to pay the principal and interest of such bonds.

Sec. 2. And be it further enacted, That the County Commissioners
of Carroll County shall, when they exercise said discretion, by reso-
lution, prescribe the form and tenor of said bonds, the method and
manner of offering the same for sale and the rate of interest pay-
able thereon, or the method of arriving at such rate or rates of
interest. Said County Commissioners may fix said rate or rates of
interest in said resolution or may request bidders to name the rate
or rates of interest upon which their bids are based, and said County
Commissioners may provide that different rates of interest may be
named for different serial maturities of said bonds or for different
issues thereof; provided, however, that under no circumstance shall

any such rate or rates of interest exceed six per centum (6%) per

annum. The resolution or resolutions authorizing the issue of all
or any such bonds shall also fix the date or dates of issue thereof
and the terms and place for payment of maturing principal and
interest.

Sec. 3. And be it further enacted, That such bonds when issued
shall be signed by the Chairman of the Board of County Commis-
sioners and the corporate seal of the County Commissioners shall
be attached thereto or imprinted thereon and attested by the clerk
of said County Commissioners and the interest coupons attached to
each of said bonds shall bear the facsimile signature of the Chair-
man of the Board of County Commissioners, printed, lithographed
or engraved thereon.

Sec. 4. And be it further enacted, That any bonds authorized by
this Act shall be sold in the manner prescribed in Sections 10 and
11 of Article 31 of the Annotated Code of Maryland, 1957 Edition,
and amendments thereto.