SPIRO T. AGNEW, Governor                      1531

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 accordance with the provisions hereof by an appropriate reso-
lution. 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 pri-
marily among banks and investment bankers. At least one publica-
tion 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 deter-
minate 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 aggre-
gate 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. 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 Board of Education of Talbot County
and, by said Board, shall be used 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 de-
rived from the sale of any issue of said bonds shall exceed the amount
needed to finance the public school or schools described in said reso-
lution, the excess funds so borrowed and not expended by the Board
of Education shall be returned to the County by said Board and
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, unless said County
shall adopt a resolution allocating said excess funds to some other
part of the school construction program of said 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