Montgomery County                               2635

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 determin-
able amount as security for compliance by the bidder with his bid. The
notice shall refer to this division 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 such bonds will be redeemable, will be in coupon or registered
form, and whether the same will be registerable 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 council the right to reject any or all bids received. In lieu
of publishing the entire notice of sale, the county council may, if it shall
so elect in the resolution, publish a brief summary of the notice which
summary need not contain all the information required by law to be
contained in the notice but which shall state where interested parties
may obtain a complete copy thereof.

Section 2. Section 2-118 of the Montgomery County Code 1965, title
"General Local Laws", chapter "Administration", article "Finance and
Taxation Generally", division "Financing Public Facilities Generally", be
and the same is hereby repealed and reenacted, with amendments, to read
as follows:

No such bonds shall be issued to the extent that the principal amount
thereof, together with the principal amount of all bonds, certificates of
indebtedness, notes or other obligations theretofore issued by the county
and then outstanding which affect the debt limit of the county, shall
exceed that percentage of the assessable basis of the county provided by
Public General Law of the State of Maryland from time to time at the
time of issuance of such bonds.

Section 3. Effective Date. This Act shall take effect on the 76th
day following its enactment.

Certified correct as passed.

President
Secretary

Enacted August 5, 1969
Effective October 20, 1969
July Legislative Session 1969

Chapter 16
(Bill No. 17-69)

An Act authorizing the issuance of bonds of Montgomery County,
Maryland, in the principal amount not exceeding $17,400,000 upon
its full faith and credit for financing public school buildings, or
buildings for school purposes, and prescribing the terms and con-