924

LAWS OF MARYLAND

Ch. 256

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 and
equipping of buildings and facilities of said Carroll County
Community College, 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 made for the
registration of said bonds having coupons attached, as to
principal alone and also as to both principal and interest, and
for the reconversion of said bonds into coupon form if any of
such bonds shall have been registered as to both principal and
interest. Such bonds shall not be subject to the provisions of