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Session Laws, 1961
Volume 654, Page 5   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                                   5

($100,000.00), including cost of construction, architect fees and
equipment; (4) constructing an addition to the Wenaquah School
near Quantico, Maryland, at a cost not to exceed Forty Thousand
Dollars ($40,000.00), including cost of construction, architect fees
and equipment; (5) constructing an addition to the Cedar Lane School,
located near Fruitland, Maryland, at a cost not to exceed Forty
Thousand Dollars ($40,000.00), including cost of construction, archi-
tect fees and equipment; (6) constructing a cafeteria at the Pine-
hurst Elementary School, located on Pinehurst Avenue in Salisbury,
Maryland, at a cost not to exceed One Hundred Twenty Five Thou-
sand Dollars ($125,000.00), including cost of construction, architect
fees and equipment and alterations to or remodeling the present
building at said school to tie in with the new construction, and (7)
providing a Contingency Fund of Forty Five Thousand Dollars
($45,000.00), to be used by the County Commissioners of Wicomico
County and the Board of Education of Wicomico County in their
joint discretion, to pay possible additional costs of construction,
and/or equipment of any and all of the said six (6) projects named
herein, and provided further that any funds which are available
for the projects under (1) through (6) inclusive, and are not
needed for said purposes, such unused available funds, as well as any
other unencumbered funds that may be available to the County
Commissioners of Wicomico County and/or the Board of Education
of Wicomico County for such capital improvements during the fiscal
years 1961-62 and 1962-63 may be added to the Contingency Fund
of Forty Five Thousand Dollars ($45,000.00), herein mentioned and
used for the same purposes as the aforesaid Contingency Fund; the
County Commissioners of Wicomico County, Maryland, be and they
are hereby authorized and empowered to borrow at one time, or
from time to time, upon the full faith and credit of said County,
an amount not exceeding One Million Six Hundred Thousand Dollars
($1,600,000.00), and to issue coupon bonds therefor from time to
time as said County Commissioners of Wicomico County and the
Board of Education of Wicomico County jointly decide to carry out
said purposes.

Sec. 2. And be it further enacted, That the said bonds shall be
issued in the denomination of One Thousand Dollars ($1,000.00),
with coupons attached thereto for the payment of interest thereon,
semi-annually, until maturity; said bonds shall be signed by the
President of the County Commissioners of Wicomico County and
counter-signed by the County Treasurer of Wicomico County, with
the seal of said County affixed thereto; and the coupons shall be
signed by the facsimile signature of the County Treasurer of Wi-
comico County printed, engraved or lithographed thereon. Said
County Commissioners shall by resolution determine the rate or
rates of interest to be paid on the bonds, not exceeding five per
centum (5%) per annum, or the manner of determining the same,
which rates may vary on the bonds of different maturities, and the
maturity or maturities of the bonds, which shall be at a time or
times not exceeding twenty-five (25) years from the date of the
bonds, and shall likewise determine the form of the bonds, the
medium of payment, and the place at which the principal and in-
terest shall be payable. In case any of the officers whose signatures
appear on the bonds and coupons shall cease to be such officers
before the delivery of such bonds, such signatures shall nevertheless
be valid and sufficient for all purposes, as if they had remained in

 

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Session Laws, 1961
Volume 654, Page 5   View pdf image (33K)
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