SPIRO T. AGNEW, Governor                      1601

County, by an appropriate resolution, shall likewise fix the terms
and conditions of the public sale of such group or series of bonds
and shall adopt a suitable form of notice of sale, which shall briefly
outline said terms and conditions in accordance with the provisions
hereof. Said notice shall be published 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. At least one
publication 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
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 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. 5. And be it further enacted, That the money so borrowed
for the public facilities described in said resolution above required,
in evidence of which any such bonds shall be issued, shall be paid to
the Treasurer of Queen Anne's County (or to such other official of the
County designated to receive such payment in a resolution passed by
the Board of County Commissioners of Queen Anne's County before
such delivery) and shall be used exclusively and solely for such
public facilities. In the event the amounts so borrowed shall prove
inadequate for the financing of any such public facilities, at any
time, the County may issue additional bonds within the limitations
hereof for the purpose of evidencing the borrowing of additional
funds for any such public facilities, 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 facilities described in said
resolution, the excess funds so borrowed shall be 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.

Sec. 6. And be it further enacted, That the bonds hereby auth-
orized shall constitute, and they shall so recite, an irrevocable pledge