456                              Laws of Maryland                       Ch. 180

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 payable thereon, or the method of determin-
ing 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 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 of sale but 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.

Sec. 4. And be it further enacted, That the money so borrowed

for the industrial park described in said resolution above required,
in evidence of which any such bonds shall be issued, shall be paid by

the County to the Treasurer of Calvert County and shall be used

exclusively and solely for such industrial park. If the funds derived

from the sale of any issue of said bonds shall exceed the amount

needed to finance the industrial park described in said resolution,

the excess funds so borrowed shall be applied by said County in

payment of the next principal maturity of the bonds so issued or to
the redemption of any part of said bonds, if the same shall have been
made redeemable.

Sec. 5. And be it further enacted, That, the bonds hereby author-

ized shall constitute, and they shall so recite, an irrevocable pledge

of the full faith and credit and unlimited taxing power of the County
to the payment of the maturing principal and interest of such bonds

as and when the same respectively mature. In each and every fiscal

year that any of said bonds are outstanding, the County shall levy

or cause to be levied ad valorem taxes upon all the accessble prop-

erty within the corporate limits of the County in rate and amount

sufficient to provide for the payment, when due, of the interest and

principal of all said bonds maturing in each such fiscal year and in

the event the proceeds from the taxes so levied in any such fiscal

year shall prove inadequate for the above purposes, additional taxes
shall be levied in the succeeding fiscal year to make up any deficiency.
The County may apply to the payment of principal and interest of
any bonds issued hereunder any funds received by it from the State

of Maryland, the United States of America, any agency or instru-

mentality thereof, or from any other source, if such funds are

granted for the purpose of assisting the County in the construction

of an industrial park and to the extent of any such funds received

or receivable in any fiscal year the taxes hereby required to be levied
may be reduced proportionately.

Sec. 6. And be it further enacted, That, the authority to borrow

money and issue bonds conferred on the County by this Act shall be