114                              LAWS OF MARYLAND                     [CH. 101

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 re-
ceived 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 determin-
able 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 pur-
pose to which the proceeds thereof will be devoted, and the general
form thereof, including a statement whether said bonds will be re-
deemable, 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 pub-
lishing 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 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
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 prin-
cipal 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.
The County may apply to the payment of principal and interest of
any bonds issued hereunder any funds received by it from the State
of Maryland, the United States of America, any agency or instru-
mentality thereof, or from any other source, if such funds are prop-
erly allocable to such purpose and to the extent of any such funds
received or receivable in any fiscal year the taxes hereby required to
be levied may be reduced proportionately.

Sec. 5. And be it further enacted, That the County is hereby
further authorized and empowered, at any time and from time to
time to issue its bond in the manner hereinabove described for the
purpose of refunding, upon purchase or redemption, any bonds issued
hereunder. The validity of any such refunding bonds shall in no way
be dependent upon or related to the validity or invalidity of the
obligations so refunded. The powers herein granted with respect to
the issuance of bonds, and also the limitations herein on such powers
shall be applicable to the issuance of refunding bonds. Said refund-
ing bonds may be issued by the County for the purpose of providing