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Ch. 138
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1476
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LAWS OF MARYLAND
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to borrow at one time or from time to time, upon the full
faith and credit of Caroline County, and to issue and
sell at one time or from time to time its bonds therefor,
a sum or sums of money not to exceed $250,000 at a net
average interest rate not in excess of 6 percent per
annum for the bonds issued and sold at any one time for
the purposes of renovating, rehabilitating and equipping
the county jail, in Caroline County, including as to each
architects and other professional fees in connection
therewith. The money raised by the bond issue authorized
by this Act shall be expended for the above purposes and
shall be allotted among such purposes as the County
Commissioners of Caroline County may provide. Such bonds
shall be designated, shall be of such denomination or
denominations and of such type or form, and shall be of
such periods of maturity, not exceeding 25 years, all as
the County Commissioners of Caroline County may by
resolution provide, provided, however, that the first
maturity shall be within five years of the date of such
bonds, and the proceeds of such sale or sales shall be
spent in accordance with the provisions hereof. The
borrowing and every bond, coupon or other evidence
thereof, and the interest payable thereon, shall be and
remain exempt from taxation by the State of Maryland and
by the counties and municipalities of the State.
SECTION 2. AND BE IT FURTHER ENACTED, That the
bonds shall be signed by the President of said County
Commissioners of Caroline County and the Treasurer of
Caroline County, with the seal of Caroline County or a
facsimile thereof affixed thereto. The bonds shall be
payable at such place and on such date or dates as the
County Commissioners shall by resolution provide. The
bonds shall bear interest at a net average rate not in
excess of 6 percent per annum for the entire issue, as
shall be provided by resolution of the County
Commissioners, and installments of interest may be
evidenced by semiannual coupons attached to the bonds
bearing the facsimile signature of the Treasurer of
Caroline County. If such bonds are issued, such issue
and sale shall be in accordance with the provisions of
Sections 8 to 18, inclusive, of Article 31 of the
Annotated Code of Maryland (1957 Edition, as
supplemented).
SECTION 3. AND BE IT FURTHER ENACTED, That for the
purpose of paying the interest on the bonds, and for
redeeming the same as they mature and become payable, the
County Commissioners of Caroline County shall levy
annually a tax upon the assessable property in Caroline
County sufficient to pay the annual interest on the bonds
and to redeem the same as they become due, until all of
said bonds shall mature and be redeemed. The taxes so
levied shall be collected in the same manner as other
taxes are levied and collected in the County.
SECTION 4. AND BE IT FURTHER ENACTED, That out of
the actual cash proceeds from the sale of any of the
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