508                              LAWS OF MARYLAND                     [CH. 208

but said County shall offer said bonds only by solicitation of com-
petitive 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 therefor at
more than six per centum (6%) per annum, computed with relation
to the absolute maturity of the bonds in accordance with standard
tables of bond values, excluding, however, from such computation the
amount of any redemption premium. Upon delivery of any of
said bonds to the purchaser or purchasers thereof, payment therefor
shall be made to the Treasurer of Prince George's County or such
other official of the County designated to receive such payment in a
resolution passed by the Board of County Commissioners for Prince
George's County before such delivery.

In addition to making provision for the above-described terms
and conditions of any group or series of bonds issued hereunder, the
County 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 accord-
ance with the provisions hereof by an appropriate resolution. 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 au-
thority 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 con-
tain 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 re-
ceived. 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 re-
quired, in evidence of which any such bonds shall be issued, shall
be paid by the County to the Board of Education of Prince George's