2122                              MUNICIPAL CHARTERS

of said right, the rate or rates of interest payable on said bonds, or the
method of determining the same, provided, however that :

(a)    no such bonds shall be sold at a price less than the par value
thereof nor shall any such bonds bear interest at a rate in excess of five
per centum (5%) per annum;

(b)  the bonds of each such issue shall become due and payable in
accordance with a consecutive annual serial maturity plan over a period
not exceeding twenty-five (25) years from date of issue;

(c)    each issue of said bonds shall only be sold by award to the best
bidder therefor after solicitation by at least ten (10) days' published
notice of sealed competitive bids for such purchase; and

(d)    no such bonds shall be issued in any fiscal year unless there shall
have been appropriated by the County Council an amount sufficient to pay
debt service due on said bonds in such fiscal year.

Any of the bonds hereby authorized, when duly issued, executed and
delivered in the manner above described, shall constitute unconditional
general obligations of Wicomico County, Maryland, to the payment of
which, when due, the full faith and credit of the County are pledged and
said ordinance of the County Council, in Executive Session, shall constitute
an irrevocable covenant of the County annually to appropriate the amounts
necessary to pay the principal of and interest on said bonds when due and
to levy ad valorem taxes upon all property in the County subject to un-
limited County taxation in rate and amount, in each year, sufficient to
meet said annual appropriations.

Section 4. AND BE IT FURTHER ENACTED, that, prior to the
issuance of all or any part of the bonds hereby authorized, the County
Council in Executive Session, may, by ordinance, provide for payment of
the cost of one or more of the public improvements or school projects above
listed by the issuance of the bond anticipation notes of Wicomico County,
Maryland, in the manner prescribed by and pursuant to the authority of,
Article 31, Section 12 of the Annotated Code of Maryland (1957 Edition,
as amended). Any such notes shall mature and be payable from the pro-
ceeds of sale of the bonds in anticipation of which they are issued within
twelve (12) months from the date of issue of such notes and no such
notes shall be issued unless the conditions precedent to issue of any bond
authorized hereby as set forth in Section 3 hereof shall be complied with
unless, in the ordinance authorizing said notes, the County Council in
Executive Session shall covenant to issue and sell bonds pursuant to the
authority, and complying in all respects with the provisions of this Act in
the amounts and at the times necessary to pay said notes at maturity.

Section 5. AND BE IT FURTHER RESOLVED, that the proceeds
from the sale of any of the bonds or bond anticipation notes herein
authorized shall be paid to the Director of Finance of Wicomico County,
Maryland, who shall first deduct any amount received by him on account
of