1558                            LAWS OF MARYLAND                      [CH. 909

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 thereof, the interest pay-
able 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 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 resolution,
publish a brief summary of said notice which need not contain all the
information required for said notice but which shall state where
interested parties may obtain a complete copy thereof.

Sec. 4. And be it further enacted, That the proceeds from the
sale of said bonds shall be paid to the County Treasurer and shall be
set apart by him in an account or accounts, to the credit of "Public

School Bonds of Frederick County of ................................................",

and shall be disbursed by him only for the purposes herein authorized,
and upon the joint order of the County Commissioners of Frederick
County and the Board of Education of Frederick County, provided
that any accrued interest and/or premium received from the sale of
said bonds may be applied to the payment of the first maturing
interest of said bonds.

All contracts for the purchase of sites for schools, for employment
of architects, builders, inspectors and supervisors, for building or
equipping said schools and all other contracts and agreements re-
quiring payment of money from said account or accounts shall be in
writing and shall be executed jointly by the County Commissioners of
Frederick County and the Board of Education of Frederick County.

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