784                             LAWS OF MARYLAND                      [CH. 536

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 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 registrable 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 con-
dition 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 informa-
tion 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 proceeds of any bonds
issued by the County pursuant to the authority hereof, shall be paid
to the County Treasurer who shall apply and disburse the same in
accordance with the appropriation authorized hereby, and any con-
tract entered into by the County with said Greater Southeast Com-
munity Hospital Foundation, Inc., pursuant hereto, after deducting,
however, any amounts received by him on account of accrued interest
and after FURTHER deducting such amount as the County may di-
rect for payment of the expenses of issuing said bonds.

Sec. 5. And be it further enacted, That the bonds hereby authorized
shall constitute, and they shall so recite, an irrevocable pledge of the
full faith and credit and unlimited taxing power of the County to
the payment of the maturing principal and interest of such bonds
as and when the same respectively mature. In each and every fiscal
year that any of said bonds are outstanding, the County shall levy
or cause to be levied ad valorem taxes upon all the assessable property
within the corporate limits of the County in rate and amount suffi-
cient to provide for the payment when due, of the interest and
principal of all said bonds maturing in each such fiscal year and in
the event the proceeds from the taxes so levied in any such fiscal year
shall prove inadequate for the above purposes, additional taxes shall
be levied in the succeeding fiscal year to make up any such deficiency.

Sec. 6. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, the interest payable
thereon, and the income derived therefrom in the hands of the holders
thereof from time to time, shall be and is hereby declared to be exempt