MARVIN MANDEL, Governor                      1277

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 registered form, and whether
the same will be registerable as to principal, or as to both principal
and interest. Each such notice of sale shall also contain a brief sum-
mary of the current financial condition of the County or shall indi-
cate 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 but which shall state where interested parties may obtain
a complete copy thereof.

Sec. 4. And be it further enacted, That the proceeds from the
sale of said bonds shall be paid to the County Treasurer and shall
be set apart by him in an account or accounts, to the credit of "Public

School Bonds of Somerset County of ..................................................,"

and shall be disbursed by him only for the purposes herein au-
thorized, and upon the joint order of the County Commissioners of
Somerset County and the Board of Education of Somerset County,
provided that any accrued interest and/or premium received from
the sale of said bonds may be applied to the payment of the first
maturing interest of said bonds.

All contracts for the purchase of sites for schools, for employment
of architects, builders, inspectors and supervisors, for building or
equipping said schools and all other contracts and agreements re-
quiring payment of money from said account or accounts shall be in
writing and shall be executed jointly by the County Commissioners
of Somerset County and the Board of Education of Somerset County.

Sec. 5. And be it further enacted, That the bonds hereby
authorized 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 assess-
able property 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,