2292                               County Local Laws

Section 1. Section 2-113 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and the same is repealed and re-enacted, with amendments, to read as
follows:

2.113. Same—Adoption of resolution; notice of conditions and terms
of sale of bonds.

Before borrowing any money or issuing any bonds pursuant to the
authority of this division, the county council shall adopt a resolution
describing the public facility or facilities for which such borrowing or in-
debtedness is intended, the amount needed to finance the public facility or
facilities 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 bor-
rowing or indebtedness. Each series or group of bonds shall be issued to ma-
ture in annual serial installments, not exceeding thirty and beginning not
more than one year from the date of bonds, as may be determined by the
resolution or resolutions of the county council authorizing such bonds, and
no one of such installments shall be less than fifty per centum of any
other installment. The county shall have and is hereby granted full and
complete authority and discretion to fix and determine, in the resolution
the form and tenor of any such bonds, the rate or rates of interest payable
thereon, or the method of arriving at the same, the date or dates upon which
the bonds shall respectively mature and be payable, the manner of selling
the 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 payable semi-annually, shall mature at
such time or times as may be determined by the County Council by resolu-
tion, and such bonds may, by resolution, be made redeemable before ma-
turity, at the option of the county, at such price or prices and under such
terms and conditions as may be fixed by the county council, either in the
resolution or in subsequent resolutions, but prior to the issuance of the
bonds. The principal of and the interest of such obligations may be made
payable in lawful medium. The resolution shall determine the form of
such 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 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 to both principal
and interest, and for the reconversion of the 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 sections
9, 10, and 11 of Article 31 of the Annotated Code of Maryland, (1967
Replacement Volume), as amended from time to time, but the county shall
offer such bonds only by solicitation of competitive bids therefor at public
sale. Such 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.