1546

LAWS OF MARYLAND

Ch. 416

AN ACT concerning

Caroline County — Health Department Building — Denton

FOR the purpose of authorizing and empowering the Board of
County Commissioners of Caroline County to issue and
sell serial bonds upon the full faith and credit of the
County in an amount not in excess of $100,000 to be
issued in such amounts and at such times as the County
Commissioners may designate, for the planning, design,
construction, and equipping of an addition to the
Health Department Building in Denton, Caroline County;
and authorizing the Board of County Commissioners of
Caroline County to levy taxes on the assessable
property in the County to provide funds for the payment
of interest and principal as the same become payable.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the County Commissioners of Caroline County
be and they are authorized and empowered 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 suras of money not
to exceed $100,000 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 planning, design, construction, and
equipping of an addition to the Health Department Building
in Denton, 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,