2254

LAWS OF MARYLAND

Ch. 647

incur indebtedness for such purposes, from time to time, in
an amount not exceeding the sum of $2,500,000 and to
evidence such borrowing and indebtedness by the issuance and
sale upon its full faith and credit of its general
obligation, serial maturity bonds in like par amount, upon
the terms and conditions set forth in this Act. Such bonds
may be issued from time to time, in one or more groups or
series, as funds for the public facilities become necessary.

SECTION 3 4. AND BE IT FURTHER ENACTED, That subject
to the foregoing limitations, the County shall, before
borrowing any money or issuing any bonds pursuant to the
authority of this Act, adopt a resolution describing the
public facilities for which the borrowing and indebtedness
is intended, stating the amount needed for such purposes in
the aggregate, and determining to borrow money and incur
indebtedness for all or part of the amount so needed, and to
issue its bonds to evidence such borrowing and indebtedness.
Each series or group of bonds shall be issued to mature in
annual serial installments, the last installment to mature
not later than thirty (30) years from the date of issue of
the group or series. In the resolution, the County shall
fix the annual serial maturity plan with respect to the
bonds to be issued thereunder and the annual serial
maturities shall be so fixed as to conform to the general
financial plans of the County but need not be in equal par
amounts or in consecutive annual installments. Subject to
the limitations herein contained, the County shall have and
is hereby granted full and complete authority and discretion
to fix and determine, by resolution, the form and tenor of
the bonds, the rate or rates of interest payable thereon, or
the method of arriving at the same, the date or dates upon
which the bonds shall respectively mature and be payable,
the manner of selling the bonds at public or private sale,
and generally all matters incident or necessary to the
issuance, sale, and delivery thereof. The bonds of each
such issue shall be dated, shall bear interest at such rate
or rates, payable semiannually, shall mature at such time or
times and may be made redeemable before maturity, at the
option of the County, at such price or prices and under such
terms and conditions, all as may be determined by the County
in a resolution or resolutions adopted prior to the issuance
of the bonds. The principal of and the interest on the
bonds may be made payable in any lawful medium. The County
shall determine by resolution the form of the bonds,
including any interest coupons to be attached thereto, and
the manner of executing and sealing same, which may be by
facsimile, provided that there shall be one manual signature
on each bond, and shall fix the denomination or
denominations of the bonds and the place or places of
payment of the principal and interest thereon, which may be
at any bank or trust company within or without the State of
Maryland. In case any officer whose signature shall appear
on any such bond or on the coupons attached thereto shall
cease to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all