1748

LAWS OF MARYLAND

Ch. 226

SECTION 3. AND BE IT FURTHER ENACTED, That, subject to
the foregoing limitations, the county shall, before
borrowing any money or issuing any bonds pursuant to this
authority of the Act, adopt a resolution describing the
projects of construction, reconstruction, development,
improvement, and modernization of buildings and facilities
of said volunteer fire departments and/or the emergency
related equipment for which said borrowing or indebtedness
is intended, the amount needed for said purposes in the
aggregate, and determining to borrow money or incur
indebtedness for all or a part of the amount so needed, and
to issue its bonds to evidence such borrowing or
indebtedness. Each series or group of said bonds shall be
issued to mature in annual serial installments, the last
installment to mature not later than twenty-five (25) years
from the date of issue of said group or series. In said
resolution, said county shall fix the annual serial maturity
plan with respect to the bonds to be issued thereunder, and
said 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,
said county shall have and is hereby granted full and
complete authority and discretion to fix and determine, in
said resolution, the form and tenor of any such bonds, the
rate or rates of interest payable thereon, or the method of
arriving at the same, the date or dates upon which said
bonds shall respectively mature and be payable, the manner
of selling said bonds at public 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 as may be
determined, payable semi-annually, shall mature at such time
or times as may be determined by said resolution, and be
made redeemable before maturity, at the option of the
county, at such price or prices and under such terms and
conditions as may be fixed by said county, either in said
resolution or in subsequent resolutions, but prior to the
issuance of said bonds. The principal of and the interest
on said bonds may be made payable in any lawful medium.
Said resolution shall determine the form of said bonds,
including any interest coupons to be attached thereto, and
the manner of executing and sealing the same, which may be
facsimile, 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 and
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 signatures
shall nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such
delivery. Said bonds may, by any such resolution, be issued
in coupon, or registered form, or both, and provision may be