952

LAWS OF MARYLAND

Ch. 271

auditorium in the Northern High School in Calvert County, and to
pay all expenses, including advertising, printing, financial
advisory and legal fees, incurred in the issuance and sale of the
bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That the County
Commissioners of Calvert County shall by proper resolution fix
the maturity of any of the bonds, provided that the bonds may not
mature later than 40 years from the date of their issue, and
provided further that the bonds may be issued on the serial
maturity plan or such other plan as the County Commissioners of
Calvert County find and determine to be necessary or desirable in
connection with the issuance and sale of the bonds. The
resolution may fix the denomination of the bonds, the interest
rate, or the manner of determining the interest rate of the
bonds, the manner and place of payment, the date, place, and
terms of the sale of the bonds, and all details not provided for
with respect to the form, issuance, and sale. The bonds shall be
signed by the President of the Board of County Commissioners of
Calvert County and by the Treasurer of the County Commissioners
of Calvert County. The seal of the County Commissioners of
Calvert County, or a facsimile, shall be affixed to the bonds.
The bonds may be in bearer coupon form or may be registrable as
to principal alone or as to both principal and interest. Coupons
may be authenticated by the facsimile signature of the President
of the Board of County Commissioners of Calvert County.

SECTION 3. AND BE IT FURTHER ENACTED, That any bonds issued
under this Act may be sold, in the discretion of the County
Commissioners of Calvert County, at public or private sale.
Bonds may be sold at less than par. Any bonds sold under the
authority conferred by this Act shall be exempted from the
provisions of Sections 10 and 11 of Article 31 of the Annotated
Code of Maryland (1983 Replacement Volume), and the bonds,
coupons, and the interest payable on the bonds and coupons shall
be exempt from State, County, and Municipal taxation.

SECTION 4. AND BE IT FURTHER ENACTED, That the proceeds of
the sale of the bonds shall be paid to the Treasurer of the
County Commissioners of Calvert County and shall be placed in a
special fund by the Treasurer, and shall be paid out by the
Treasurer only on warrants from the Board of County Commissioners
of Calvert County for the purposes specified in Section 1. of
this Act.

SECTION 5. AND BE IT FURTHER ENACTED, That for the purpose
of paying the principal of and interest on the bonds, or as much
as may not be provided for from other sources, the County
Commissioners of Calvert County are authorized, empowered, and
directed to levy in each year, so long as any of the bonds are
outstanding and unpaid, an ad valorem tax on all property subject