50                                Laws of Maryland                         Ch. 19

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 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 pay-
able thereon or the method of determining the same, the pur-
pose 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.

Chapter 208 of the Acts of 1967

Sec. 3. And be it further enacted, That, subject to the foregoing
limitations, the County shall, before borrowing any money or issuing
any bonds pursuant to the authority of this Act, adopt a resolution
describing generally by classes the public school or schools for which
said borrowing or indebtedness is intended, the amount needed for
said purposes, and determining to borrow money or incur indebted-
ness for all or a part of the amount so needed, and to issue its bonds
to evidence such borrowing or indebtedness. Each series or group of
said bonds shall be issued to mature in annual serial installments, the
last installment to mature not later than thirty (30) years from the
date of issue of said group or series. In said resolution, said County
shall fix the annual serial maturity plan with respect to the bonds
to be issued thereunder and said annual serial maturities shall be so
fixed as to conform to the general financial plans of the County
but need not be in equal par amounts or in consecutive annual
installments. Subject to the limitations herein contained, said
County shall have and is hereby granted full and complete authority
and discretion to fix and determine, in said resolution, the form and
tenor of any such bonds, the rate or rates of interest payable thereon,
or the method of arriving at the same, the date or dates upon which
said bonds shall respectively mature and be payable, the manner of
selling said bonds at public sale, and generally all matters incident
or necessary to the issuance, sale and delivery thereof. The bonds of
each such issue shall be dated, shall bear interest at such rate or rates
[not exceeding six per centum (6%) per annum], payable semi-
annually, shall mature at such time or times as may be determined
by said resolution, and said bonds may, by said resolution be made
redeemable before maturity, at the option of the County, at such
price or prices and under such terms and conditions as may be fixed
by said County, either in said resolution or in subsequent resolu-
tions, but prior to the issuance of said bonds. The principal of and
the interest on said bonds may be made payable in any lawful medium.
Said resolution shall determine the form of said bonds, including
any interest coupons to be attached thereto, and the manner of