1616                            LAWS OF MARYLAND                     [CH. 731

Replacement Volume) but the County shall offer the bonds only by
solicitation of competitive bids therefor at public sale. The 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 from such computa-
tion the amount of any redemption premium. Upon delivery of any
of the bonds to the purchaser or purchasers thereof, payment
therefor shall be made to the Treasurer of Dorchester County or to
any other official of the County designated to receive such payment
in a resolution passed by the Board of County Commissioners of
Dorchester 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 such terms and conditions
in accordance with the provisions hereof by an appropriate resolu-
tion. 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 pub-
lication of the notice of sale shall be made not less than ten (10)
days before the sale of bonds. Said notice shall offer the 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 the 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 ac-
companied 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 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 redeem-
able, 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, fi