Marvin Mandel, Governor                        1945

Sec. 3. And be it further enacted, That subject to the fore-
going 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 indebtedness 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 gen-
eral 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 de-
termine, in said resolution, the form and tenor of any such bonds,
the rate or rates of interest payable thereon, or the method of ar-
riving 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 pay-
able semi-annually, shall mature at such time or times as may be
determined by said resolution, and said bonds may, by said resolu-
tion 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 sub-
sequent resolutions, 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 executing and sealing the same, which may be
by facsimile, and shall fix the denomination or denominations of
the bonds and the place or places of payment of the principal and
the interest thereon, which may be at any bank or trust company
within or without the State of Maryland. In case any officer whose
signature shall appear on any such bond, or on the coupons attached
thereto, shall cease to be such officer before the delivery thereof,
such signature shall nevertheless be valid and sufficient for all
purposes the same as if he had remained in office until such deliv-
ery. 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 prin-
cipal alone and also as to both principal and interest, and for the
reconversion of said bonds into coupon form if any such bonds
shall have been registered as to both principal and interest. Such
bonds shall not be subject to the provisions of Sections 9, 10, and
11 of Article 31 of the Code of Public General Laws of Maryland
(1967 Replacement Volume and 1969 Supplement), but said County
shall offer said bonds only by solicitation of competitive bids there-
for at public sale. Said bonds may be sold for such price or prices
as may be determined to be for the best interest of the County,
either at, above or below the par value of any such bonds. Upon
delivery of any of said bonds to the purchaser or purchasers thereof,