Marvin Mandel, Governor                         701

CHAPTER 343
(House Bill 1292)

AN ACT to authorize and empower the County Commissioners of
Washington County to borrow an amount not to exceed Seven
THREE Million Dollars ($7,000,000.00) ($3,000,000.00) and to
issue notes and/or bonds therefor, for the purpose of construct-
ing new schools and making additions and improvements to ex-
isting schools in Washington County; authorizing the County
Commissioners to fix and determine in their discretion, the
interest rate or method of arriving at the same; exempting
the bonds hereby authorized from all taxation in the State
of Maryland requiring that all interest earned on the in-
vestment of the proceeds of such bonds, prior to the expend-
iture of such proceeds, be used either for the purpose for which
said bonds are issued or to pay the principal of and interest on said
bonds; providing that after application of such interest earned, if
any, the County Commissioners of Washington County shall levy
ad valorem taxes in rate and amount sufficient to pay the maturing
principal and interest on said bonds, and providing for the ap-
pointment of a school building commission and for its powers,
duties and termination.

Section 1. Be it enacted by the General Assembly of Maryland,
That the County Commissioners of Washington County, a body cor-
porate, in order to provide funds for the purpose of constructing new
schools in Washington County, to make additions, improvements
and repairs to existing school facilities in said County, to purchase
land therefor and equip said schools, to pay architectural fees and
other professional fees in connection with such construction, re-
pairs and improvements, are hereby authorized and empowered to
borrow, from time to time, in such amounts as it shall deem necessary,
money on the faith and credit of said County, and to issue therefor
notes or bonds, provided that in the aggregate said notes and bonds
shall not exceed the sum of Seven Million Dollars ($7,000,000.00)
THREE MILLION DOLLARS ($3,000,000.00); and provided fur-
ther that the County Commissioners of Washington County shall
have and are hereby granted full and complete authority and
discretion to fix and determine with respect to the bonds of any
issue the rate or rates of interest payable thereon, or the method of
determining the same; and provided further that if said money or any
part thereof shall be borrowed by a note or notes, such note or notes
shall be signed by the President of the County Commissioners and the
Treasurer of Washington County and have the seal of said county
affixed thereto; and provided further that if said money or any part
thereof shall be borrowed by the sale of bonds that said bonds shall
be designated "School Construction and Improvements Bonds of
Washington County," and shall be of such denomination or de-
nominations, callable or non-callable, and of such type, or form, and
of such period of maturity as the said County Commissioners of
Washington County may deem advisable, and said bonds shall be
signed by the President of said County Commissioners of Washing-
ton County and the Treasurer of said County and have the corporate
seal of said Washington County affixed thereto, and the principal
amount of said bonds and the interest payable thereon shall be and