2598                               Municipal Charters

percent per annum,] payable semi-annually, shall mature at such time
or times as may be determined by the resolution, and the bonds may,
by the 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 the county either in such resolution or in sub-
sequent resolutions, but prior to the issuance of such bonds. The prin-
cipal of and interest on such obligations may be made payable in any
lawful medium. Such resolution shall determine the form of the 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 interest thereon, which may be
at any bank or trust company within or without the state. 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 delivery. Such 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 the bonds
having coupons attached, as to principal alone and also as both principal
and interest, and for the reconversion of the 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 Annotated Code of Maryland but
the county shall offer the bonds only by solicitation of competitive bids
therefor at public sale. Whenever bids are submitted simultaneously on
two or more issues of bonds, bidders may be permitted, in the discretion
of the county, to submit a consolidated bid on any two or more of said
issues. Such bonds may be sold for such price or prices as may be de-
termined 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 five percent 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 such
bonds to the purchaser or purchasers thereof, payment therefor shall be
made to the treasurer of the county.

Section 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure affecting the public health,
safety or welfare, and having been passed by the affirmative vote of
five members of the County Council, the same shall take effect from the
date of its enactment.

Bill No. 197

An Act, To eliminate all limitations on the interest rate or rates
payable on Metropolitan District bonds of Baltimore County by re-
pealing and re-enacting with amendments Section 34-72 of the Bal-
timore County Code, 1968, as amended, title "Water, Sewer, Sewage
Disposal and Drains" Article III. Metropolitan District. Division 4.
Bonds.

Whereas, the present ceiling of six percent interest per annum on
the issuance of Baltimore County Metropolitan District bonds has been
found to be unrealistic due to rising market conditions, and