MARVIN MANDEL, Governor                       1217

coupons attached, as to principal alone and also as to both principal
and interest, and for the reconversion of said bonds into coupon
form if any 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) 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 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 Worcester County or such other official of the County designated
to receive such payment in a resolution passed by the Board of
County Commissioners for Worcester 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 accordance with the provisions hereof by an appro-
priate 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 the 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 de-
posit in a fixed or determinate 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
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 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 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 no-
tice 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.