42 LAWS OF MARYLAND. [CH. 15

accompanied by a good faith deposit in a fixed or determinable
amount as security for compliance by the bidder with Ms
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
of determining the same, the purpose to which the proceeds
thereof will be devoted, and the general form thereof, includ-
ing a statement whether said bonds will be redeemable, will
be in coupon or registered form, and whether the same will
be registerable as to principal, or to both principal and in-
terest. Each such notice of sale shall also contain a brief
summary of the current financial condition of the County or
shall indicate where such a statement may be obtained, and,
finally, shall reserve unto the Board of County Commissioners
the right to reject any or all bids received.

SEC. 4. And by it further enacted, That the money so
borrowed from time to time shall be expended by the County
exclusively and solely for the roads or public schools, or both,
described in said resolution, and in the amounts allocated
thereby to each. If the funds derived from the sale of any
issue of any such bonds shall exceed the amount needed to
finance the public schools and the roads described in said
resolution, or if the bonds sell for a premium, the excess funds
so borrowed shall be set apart by the County and applied in
payment of the first principal maturity of the obligations so
issued or to the redemption of any part of said bonds, if the
same shall have been made redeemable by any such resolution.

SEC. 5. And be it further enacted, That the bonds hereby
authorized shall constitute, and they shall so recite, an irre-
vocable pledge of the full faith and credit and taxing power
of the County to the payment of the maturing principal and
interest of such bonds as and when the same respectively
mature. The County Commissioners shall apply to the pay-
ment of the interest and principal of all school bonds, when
due, all moneys received from the State of Maryland under
the provisions of Chapter 190 of the Acts of 1947, as amended,
providing for an incentive fund for school buildings, the same
being Section 199C of Article 77 of the Annotated Code (1947
Supplement). They shall also so apply all moneys received
by the County under the provisions of Chapter 902 of the Acts
of 1947, as amended, providing for the payment of racing
revenues to the public schools of Carroll County. They shall
similarly so apply to the payment of the interest and principal
of all road bonds, when due, all moneys received by the County
from the State in the form of motor vehicle, gasoline tax, or
road funds, including particularly the moneys received by the
County under the provisions of Chapter 560 of the Acts of
1947, as amended, Section 13 of Article 89B of the Annotated