Marvin Mandel, Governor                          53

in office until such delivery. Said bonds may, by any such resolution,
be issued in coupon or in registered form or both, and provision
may be made for the registration of said bonds having coupons
attached, as to principal alone and also as to both principal and
interest, and for the reconversion of said bonds into coupon form if
any of such bonds shall have been registered as to both principal
and interest. Such bonds shall not be subject to the provisions of Sec-
tions 9, 10 and 11 of Article 31 of the Code of Public General Laws of
Maryland (1957 Edition), as amended from time to time, but said
County shall offer said bonds only by 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 per
centum (6%) 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 any
redemption premium].

In addition to making provision for the above-described terms and
conditions of any group or series of bonds issued hereunder, the
County, by an appropriate resolution, 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 said terms and conditions in accordance with the provisions
hereof. 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 primarily
among banks and investment bankers. At least one publication of
the notice of sale shall be made not less than ten (10) days
before the sale of said bonds. Said notice shall offer said 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 said 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 accompanied by a good faith deposit in a fixed or
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 ag-
gregate 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 sum-
mary of the current financial condition of the County or shall in-
dicate 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.