38                                Laws of Maryland                         Ch. 15

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] eight per centum [(6%)] (8%) 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 Kent County or such other official of the County designated to
receive such payment in a resolution passed by the Board of County
Commissioners of Kent 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
above mentioned resolution of the County shall likewise fix the terms
and conditions of the public sale of such group or series of bonds,
and said resolution shall adopt a suitable form of notice of sale,
which shall briefly outline said terms and conditions in accordance
with the provisions hereof. Said notice shall be published at least
twice 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 invest-
ment bankers. The sale of said bonds shall be held not sooner than
ten (10) days following the first publication of said notice. Said
notice shall offer said bonds to the highest bidder or bidders there-
for, and shall state how said highest bidder or bidders will be deter-
mined. Said notice of sale shall specify the date, place and hour at
which bids for said bonds will be received and opened and the bpnds
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 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 redeemable, 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, 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 of sale but which shall state where interested parties
may obtain a complete copy thereof.

Sec. 2. And be it further enacted, That this Act is hereby declared
to be an emergency measure and necessary for the immediate preser-
vation of the public health and safety and having been passed by a