2444                               County Local Laws

(b)    the bonds of each such issue shall become due and payable in
accordance with a consecutive annual serial maturity plan over a period
not exceeding twenty-five (25) years from date of issue;

(c)    each issue of said bonds shall only be sold by award to the best
bidder therefor after solicitation by at least ten (10) days' published
notice of sealed competitive bids for such purchase; and

(d)    no such bonds shall be issued in any fiscal year unless there
shall have been appropriated by the County Council an amount sufficient
to pay debt service due on said bonds in such fiscal year.

Any of the bonds hereby authorized, when duly issued, executed and
delivered in the manner above described, shall constitute unconditional
general obligations of Wicomico County, Maryland, to the payment of
which, when due, the full faith and credit of the County are pledged and
said ordinance of the County Council, in Executive Session, shall con-
stitute an irrevocable covenant of the County annually to appropriate
the amounts necessary to pay the principal of and interest on said bonds
when due, and to levy ad valorem taxes upon all property in the County
subject to unlimited County taxation in rate and amount, in each year,
sufficient to meet said annual appropriations.

Section 4. AND BE IT FURTHER ENACTED, that, prior to the
issuance of all or any part of the bonds hereby authorized, the County
Council in Executive Session, may, by ordinance, provide for payment of
the cost of one or more of the public improvements or school projects above
listed by the issuance of the bond anticipation notes of Wicomico County,
Maryland, in the manner prescribed by and pursuant to the authority of,
Article 31, Section 12 of the Annotated Code of Maryland (1957 Edition,
as amended). Any such notes shall mature and be payable from the pro-
ceeds of sale of the bonds in anticipation of which they are issued within
twelve (12) months from the date of issue of such notes and no such notes
shall be issued unless the conditions precedent to issue of any bonds author-
ized hereby as set forth in Section 3 hereof shall be complied with unless, in
the ordinance authorizing said notes, the County Council in Executive
Session shall covenant to issue and sell bonds pursuant to the authority,
and complying in all respects with the provisions of this Act in the
amounts and at the times necessary to pay said notes at maturity.

Section 5. AND BE IT FURTHER RESOLVED, that the proceeds
from the sale of any of the bonds or bond anticipation notes herein author-
ized shall be paid to the Director of Finance of Wicomico County, Maryland,
who shall first deduct any amount received by him on account of accrued
interest and shall apply said amount on account of payment of the first
maturing interest on said bonds or bond anticipation notes and who shall
thereafter disburse said bond proceeds for or on account of the cost of
public improvement projects or school projects listed in Section 2 hereof.
All projects, except those expressly indicating a school purpose, shall be
deemed public improvement projects for the purpose of this Act, any
subsequent bond issue and any commission created hereunder. Upon the
joint order of the County Council of Wicomico County, Maryland, in
Executive Session, and the Board of Education of Wicomico County said
bond proceeds, for or on account of the cost of the school projects listed in
Section 2 hereof, shall be disbursed. Upon the order of the County Council
of Wicomico County, Maryland, in Executive Session, said bond proceeds,
for or on account of the cost of the public improvement projects listed in
Section hereof, shall be disbursed. Within the limitations of the County
Charter and of this Act, full authority is hereby conferred upon the said