WM. PRESTON LANE, JR., GOVERNOR. 737

as to both principal and interest. Such bonds shall not be
subject to the provisions of Sections 34, 35 and 36 of Article
31 of the Code of Public General Laws of Maryland (1939
Edition), but said County shall offer said bonds only by
solicitation of competitive bids therefor at public sale. Said
bonds may be sold for such price or prices as may be deter-
mined to be for the best interests of the County, either at,
above or below the par value of any such bonds, but no such
sale shall be made at a price so low as to require the payment
of interest on the money received therefor at more than five
per centum (5%) per annum, computed with relation to the
absolute maturity of the bonds in accordance with standard
tables of bond values, excluding, however, from such com-
putation the amount of any redemption premium. Upon de-
livery of any of said bonds to the purchaser or purchasers
thereof, payment therefor shall be made to the Treasurer of
Baltimore County.

In addition to making provision for the above described
terms and conditions of any group or series of bonds issued
hereunder, the above mentioned resolution of the Board of
County Commissioners shall likewise fix the terms and con-
ditions of the public sale of such group or series of bonds, and
said resolution shall adopt a suitable form of notice of sale,
which shall briefly outline said terms and conditions in accord-
ance with the provisions hereof. Said notice shall be pub-
lished at least twice in one or more daily or weekly news-
papers having a general circulation in the County, and may
also be published in one or more journals having a circulation
primarily among banks and investment bankers. The sale of
said bonds shall be held not sooner than ten (10) days follow-
ing the first publication of said notice. Said notice shall offer
said bonds to the highest bidder or bidders therefor, and shall
state how said highest bidder or bidders will be determined.
In lieu of publishing said entire notice of sale, the Board of
County Commissioners may, if it shall so elect in said reso-
lution, publish a brief summary of said notice which shall
state where interested parties may obtain a complete copy
thereof. Said notice of sale shall specify the date, place and
hour at which bids for said bonds will be received and opened
and the bonds awarded. It shall also specify that each bid
shall be made in writing by a sealed proposal and shall be
accompanied by a good faith deposit in a fixed or determinable
amount as security for compliance by the bidder with his
bid. Said notice shall refer to this Act as authority for the
bonds and shall state the date of issue of the bonds offered,
the total aggregate par amount thereof, the schedule of ma-
turities thereof, the interest payable thereon, or the method
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