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Session Laws, 1963
Volume 671, Page 1422   View pdf image (33K)
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1422                           LAWS OF MARYLAND                      [CH. 681

times as may be determined by said resolution, and said bonds may,
by said resolution be made redeemable before maturity, at the
option of the County, at such price or prices and under such terms
and conditions as may be fixed by said County, either in said resolu-
tion or in subsequent resolutions, but prior to the issuance of said
bonds. The principal of and the interest on said bonds may be
made payable in any lawful medium. Said resolution shall determine
the form of said bonds, including any interest coupons to be attached
thereto, and the manner of executing and sealing the same, which
may be by facsimile, and shall fix the denomination or denominations
of the bonds and the place or places of payment of the principal and
the interest thereon, which may be at any bank or trust company
within or without the State of Maryland. In case any officer whose
signature shall appear on any such bond, or on the coupons attached
thereto, shall cease to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all purposes
the same as if he had remained in office until such delivery. Said
bonds may, by any such resolution, be issued in coupon or in regis-
tered form or both, and provision may be made for the registration
of said bonds having coupons attached, as to principal alone and
also as to both principal and interest, and for the reconversion of
said bonds into coupon form if any such bonds shall have been
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 competitive
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 Prince George's County or such
other official of the County designated to receive such payment in
a resolution passed by the Board of County Commissioners for
Prince George's County before such delivery.

In addition to making provision for the above-described terms and
conditions of any group or series of bonds issued hereunder, the
County shall likewise fix the terms and conditions of the public
sale of such group or series of bonds and shall adopt a suitable form
of notice of sale, which shall briefly outline said terms and conditions
in accordance with the provisions hereof by an appropriate resolu-
tion. Said notice shall be published 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 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

 

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Session Laws, 1963
Volume 671, Page 1422   View pdf image (33K)
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