84                                LAWS OF MARYLAND                       [CH. 78

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. At least one public
cation of the notice of sale shall be made not less than ten (10) days
before the sale of said bonds. 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 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 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 inter-
ested parties may obtain a complete copy thereof.

SEC. 4. And be it further enacted, That the money so borrowed
for the public school or schools described in said resolution above
required, in evidence of which any such bonds shall be issued, shall
be paid by the County to the Board of Education of Talbot County
and, by said Board, shall be used exclusively and solely for such
public school or schools. In the event the amounts so borrowed shall
prove inadequate for the financing of any such public schools, at
any time, the County may issue additional bonds within the limita-
tions hereof for the purpose of evidencing the borrowing of additional
funds for any such public school, provided the resolution for author-
izing the additional bonds shall so recite, but if the funds derived
from the sale of any issue of said bonds shall exceed the amount
needed to finance the public school or schools described in said
resolution, the excess funds so borrowed and not expended by the
Board of Education shall be returned to the County by said Board
and applied by said County in payment of the next principal maturity
of the bonds so issued or to the redemption of any part of said bonds,
if the same shall have been made redeemable, unless said County
shall adopt a resolution allocating said excess funds to some other
part of the school construction program of said Board of Education.

Sec. 5. And be it further enacted, That the bonds hereby author-
ized 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