1016                           laws of Maryland                       ch. 545

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 pay-
able 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 reso-
lution, 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 County Commissioners of Harford
County and the Board of Education of Harford County, to be used
in the joint discretion of the members of said County Commissioners
and the Board of Education and under their joint supervision and
direction and subject to their joint order, 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 County Commissioners and the Board of Education shall be
returned to the County by them and applied by said County in pay-
ment 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 con-
struction program authorized jointly by the County Commissioners
and the Board of Education.

Sec. 5. 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 prop-
erty 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 fiscal year to make up any such