J. MILLARD TAWES, GOVERNOR                              1657

registered as to both principal and interest. Such bonds shall not
be subject to the provisions of Sections 9, 10 and 11 of Article 31
of the Code of Public General Laws of Maryland (1957 Edition),
but said County shall offer said bonds only by solicitation of com-
petitive bids therefor at public sale. Said bonds may be sold for
such price or prices as may be determined 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
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 bonds issued hereunder, the above mentioned resolu-
tion of the County shall likewise fix the terms and conditions of the
public sale of such 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 no-
tice. 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 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 maturities 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, including 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 as
to both principal and interest. Each such notice of sale shall also con-
tain 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 re-
ceived. 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 hereof.

Sec. 4. And be it further enacted, That the money so borrowed for
the library building described in said resolution above required, in
evidence of which any such bonds shall be issued, shall be paid by
the County to the Annapolis-Anne Arundel Public Library Associa-
tion Inc. to be used by said Association solely for the construction