1182                            LAWS OF MARYLAND                     [CH. 477

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 deter-
mining 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 regis-
tered form, and whether the same will be registrable as to princi-
pal, or as to both principal and interest. Each such notice of sale
shall also contain a brief summary of the current financial condi-
tion 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 resolu-
tion, publish a brief summary of said notice of sale but 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 industrial park described in said resolution above required,
in evidence of which any such bonds shall be issued, shall be paid by
the County to the Treasurer of Calvert County and shall be used
exclusively and solely for such industrial park. If the funds derived
from the sale of any issue of said bonds shall exceed the amount
needed to finance the industrial park 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. 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 deficiency.
The County may apply to the payment of principal and interest of
any bonds issued hereunder any funds received by it from the State
of Maryland, the United States of America, any agency or instru-
mentality thereof, or from any other source, if such funds are
granted for the purpose of assisting the County in the construction
of an industrial park and to the extent of any such funds received
or receivable in any fiscal year the taxes hereby required to be levied
may be reduced proportionately.