Ch. 147 LAWS OF MARYLAND

issued pursuant to a resolution of the County which shall describe generally the public
facilities 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 on them, 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 the price or prices as may be determined to
be for the best interests of the County; the manner of executing 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 or conditions, if any,
under which bonds may or shall be redeemed prior to their stated maturity; the place or
places of payment of the principal of and the interest on the bonds, which may be at any
bank or trust company within or without the State of Maryland; and generally all
matters incident to the terms, conditions, issuance, sale and delivery of them.

The County may enter into agreements with agents, banks, fiduciaries, insurers or
others for the purpose of enhancing the marketability of and security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds.

In case any officer whose signature appears on any bond ceases to be an officer
before delivery, the signature shall nevertheless be valid and sufficient for all purposes
as if the officer had remained in office until delivery. The bonds and their issue and sale
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland as effective from time to time.

If the County determines in the resolution to offer any of the bonds by solicitation
of competitive bids at public sale, the resolution shall fix the terms and conditions of the
public sale and shall adopt a form of notice of sale, which shall outline the terms and
conditions, and a form of advertisement, which shall be published in one or more daily
or weekly newspapers having a general circulation in the County and which may also be
published in one or more journals having a circulation primarily among banks and
investment bankers. At least one publication of the advertisement shall be made not
less than ten (10) days before the sale of bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment shall be
made to the Treasurer of Calvert County or another official of the County as may be
designated to receive payment in a resolution passed by the Board of County
Commissioners of Calvert County before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for the public facilities for
which the bonds are sold. If the net proceeds of the sale of any issue of bonds exceeds
the amount needed to finance the public facilities described in the resolution, the
excess funds shall be applied to the payment of the next principal maturity of the bonds

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