90                               LAWS OF MARYLAND                        [CH. 64

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 com-
pliance 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 interested 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 Kent 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 addi-
tional funds for any such public school, provided the resolution for
authorizing 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 au-
thorized 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 sufficient 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