WILLIAM DONALD SCHAEFER, Governor Ch. 562

sums of money not to exceed $5,000,000 at a net average interest
rate not in excess of 11 percent per annum for the bonds issued
and sold at any one time, for the purposes of general public
improvements, including, but not limited to, public school
capital improvements and doing those things that are necessary or
appropriate to accomplish the objects and purposes of the
projects, 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 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 30 years, all as
the County may by resolution provide, provided, however, that the
first maturity shall be within 5 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 County is
hereby authorized to finance any part or all of the costs of the
public facilities described in Section 1 of this Act, and to
borrow money and incur indebtedness for that purpose, at one time
or from time to time, in an amount not exceeding, in the
aggregate, §5,000,000 and to evidence its borrowing by the
issuance and sale upon its full faith and credit of general
obligation bonds in like par amount, which may be issued at one
time or from time to time, in one or more groups or series, as
the County may determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall
be issued pursuant to a resolution of the County which shall
describe generally the general public improvements for which the
proceeds of the bond sale are intended and the amount needed for
those purposes. The County shall have and is hereby granted full
and complete authority and discretion in the resolution to fix
and determine with respect to the bonds of any issue: the
designation, date of issue, denomination or denominations, form
or forms and tenor of the bonds; the rate or rates of interest
payable thereon, or the method of determining the same which may
include a variable rate; the date or dates and amount or amounts
of maturity, which need not be in equal par amounts or in
consecutive annual installments, provided only that no bond of
any issue shall mature later than 30 years from the date of its
issue; the manner of selling the bonds, which may be at either
public or private sale, for such price or prices as may be
determined to be for the best interests of the County; the manner
of executing and sealing the bonds, which may be by facsimile;
the terms and conditions, if any, under which bonds may be
tendered for payment or purchase prior to their stated maturity;
the terms and conditions, if any, under which bonds may or shall

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