1986                               LAWS OF MARYLAND                         [CH. 857

be issued in coupon or in registered 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 of 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 abso-
lute 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 pro-
visions hereof. Said notice shall be published at least twice in one or
more daily or weekly newspapers haying 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 follow-
ing 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 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 regis-
terable 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 state-
ment 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 resolu-
tion, 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.