390                             LAWS OF MARYLAND                      [CH. 220

may, by any such resolution, 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 prin-
cipal and interest, and for the reconversion of said bonds into coupon
form if any of such bonds shall have been registered as to both prin-
cipal 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 com-
putation 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 Frederick 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 deposit in a fixed or deter-
minable 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 therof, 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 register-
able as to principal, or as to both principal and interest. Each such
notice of sale shall also contain a brief summary of the current finan-
cial 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