J. MILLARD TAWES, GOVERNOR                       1283

on the money received therefor at more than six per centum (6%)
per annum, computed with relation to the absolute maturity of the
bonds in accordance with standard tables of bond values, excluding,
however, from such computation the amount of any redemption
premium. Upon delivery of any of said bonds to the purchaser or
purchasers thereof, payment therefor shall be made to the Treasurer
of Anne Arundel 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 County shall likewise fix the terms
and conditions 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 accordance
with the provisions hereof. Said notice shall be published at least
twice in one or more daily or weekly newspapers 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 following 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.
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 de-
posit 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
maturities thereof, the interest payable thereon, or the method of
determining the same, the purpose to which the proceeds thereof
will be be devoted, and the general form thereof, including a state-
ment whether said bonds will be redeemable, will be in coupon or
registered form, and whether the same will be registerable as to
principal, or as to both principal and interest. 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 County the right
to reject any or all bids received. In lieu of publishing said entire
notice of sale, the County may, if it shall so elect in said resolution,
publish a brief summary of said notice which need not contain all
the information required for said notice of sale but which shall state
where interested parties may obtain a complete copy thereof.

Sec. 4. And be it further enacted, That the money so borrowed
for the public school or schools described in said resolution above
required, in evidence of which any such bonds shall be issued, shall
be paid by the County to the Board of Education of Anne Arundel
County and, by said Board, shall be used exclusively and solely for
such public school or schools. In the event the amounts so borrowed
shall prove inadequate for the financing of any such public schools,
at any time, the County may issue additional bonds within the limi-
tations hereof for the purpose of evidencing the borrowing of addi-
tional funds for any such public school, provided the resolution for
authorizing the additional bonds shall so recite, but if the funds de-