Marvin Mandel, Governor                         691

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 Cecil
County by the State of Maryland and not otherewise pledged.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Cecil County be and it is hereby
authorized and empowered to borrow upon its full faith and credit,
during the periods of time and in the manner hereinafter specified,
an aggregate amount not exceeding Fourteen Million One Hundred
Twenty Thousand Dollars ($14,120,000), 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 authority
hereby granted shall be exercised in such a manner that not exceeding
the amount of Three Million Dollars ($3,000,000) may be borrowed
during the period July 1, 1971 through June 30, 1973; not exceeding
the amount of Three Million Dollars ($3,000,000) may be borrowed
during the period July 1, 1973 through June 30, 1974; not exceeding
the amount of Four Million Dollars ($4,000,000) may be borrowed
during the period July 1, 1974 through June 30, 1975; not exceeding
the amount of Four Million One Hundred Twenty Thousand Dollars
($4,120,000) may be borrowed during the period July 1, 1975 through
June 30, 1976. The money borrowed pursuant to the authority hereby
conferred shall be expended in the manner hereinafter described
solely for the purpose of financing the erection of new school
buildings in the county, including the purchase of land therefor,
and appurtenant facilities, the payment of architects' and other
professional fees in connection therewith, the alteration 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 Cecil
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 account-
ing from the date of issue thereof. The interest to be borne by the
bonds of any such issue shall be limited to such rate or rates as will

produce an average interest cost on said bonds to the County of not

exceeding six per centum (6%) per annum DETERMINED BY
THE COUNTY COMMISSIONERS OF CECIL COUNTY. 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