502 LAWS OF MARYLAND [CH. 207
Sec. 4. And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or issuing
any bonds pursuant to the authority of this Act, adopt a resolution
describing the public facilities for which said borrowing or indebted-
ness is intended, the amount needed for said purposes in the aggregate,
and determining to borrow money or incur indebtedness for all or
a part of the amount so needed, and to issue its bonds to evi-
dence such borrowing or indebtedness. Each series or group of
said bonds shall be issued to mature in annual serial installments,
the last installment to mature not later than thirty (30) years from
the date of issue of said group or series. In said resolution, said
County shall fix the annual serial maturity plan with respect to the
bonds to be issued thereunder and said annual serial maturities shall
be so fixed as to conform to the general financial plans of the County
but need not be in equal par amounts or in consecutive annual install-
ments. Subject to the limitations herein contained, said County shall
have and is hereby granted full and complete authority and discretion
to fix and determine, in said resolution, the form and tenor of any
such bonds, the rate or rates of interest payable thereon, or the
method of arriving at the same, the date or dates upon which said
bonds shall respectively mature and be payable, the manner of selling
said bonds at public sale, and generally all matters incident or neces-
sary to the issuance, sale and delivery thereof. The bonds of each such
issue shall be dated, shall bear interest at such rate or rates not ex-
ceeding six per centum (6%) per annum, payable semi-annually, shall
mature at such time or times as may be determined by said resolution,
and said bonds may, by said resolution, be made redeemable before
maturity, at the option of the County, at such price or prices and
under such terms and conditions as may be fixed by said County,
either in said resolution or in subsequent resolutions, but prior to
the issuance of said bonds. The principal of and the interest on said
bonds may be made payable in any lawful medium. Said resolution
shall determine the form of said bonds, including any interest coupons
to be attached thereto, and the manner of executing and sealing the
same, which may be by facsimile, and shall fix the denomination or
denominations of the bonds and the place or places of payment of the
principal and interest thereon, which may be at any bank or trust
company within or without the State of Maryland. In case any officer
whose signature shall appear on any such bond, or on the coupons
attached thereto, shall cease to be such officer, before the delivery
thereof, such signature shall nevertheless be valid and sufficient for
all purposes the same as if he had remained in office until such
delivery. Said bonds may, by any such resolution, be issued in coupon
or in registered form or both, and provision may be made for the
registration of said bonds haying coupons attached, as to principal
alone and also as to both principal and interest, and for the reconver-
sion of said bonds into coupon form if any of such bonds shall have
been registered as to both principal and interest. Such bonds shall
not be subject to the provisions of Sections 9, 10 and 11 of Article 31
of the Code of Public General Laws of Maryland (1957 Edition), as
amended from time to time, but said County shall offer said bonds
only by solicitation of competitive bids therefor at public sale. Said
bonds may be sold for such price or prices as may be determined to be
for the best interests of the County, either at, above or below the par
value of any such bonds, but no such sale shall be made at a price so
low as to require the payment of interest on the money received there-
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