MARVIN MANDEL, Governor

35

general obligation, serial maturity coupon bonds in like
par amount, upon the terms and conditions hereinafter set
forth. Such bonds may be issued from time to time, in
one or more groups or series, as funds for such public
facilities construction or acquisition become necessary,
provided, however, that the total debt which may be
incurred pursuant to the authority of this Act shall not
exceed One Million Dollars ($1,000,000).

SECTION 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 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 thirty (30) 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 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 as may be determined, payable
semi—annually, shall mature at such time or times as may
be determined by said resolution, and said bonds may, by
said resolution, 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 by
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 or trust company within or without the
State of Maryland. In case any officer whose signature