Marvin Mandel, Governor                         643

In addition to making provision for the above described terms and
conditions of any group or series of bonds issued hereunder, the
County shall likewise fix the terms and conditions of the public sale
of such group or series of bonds and shall adopt a suitable form of
notice of sale, which shall briefly outline said terms and conditions
in accordance with the provisions hereof by an appropriate resolu-
tion. Said notice shall be published in one or more daily or weekly
newspapers having a general circulation in the County, and may
also be published in one or more journals having a circulation
primarily among banks and investment bankers. At least one publi-
cation of the notice of sale shall be made not less than ten (10) days
before the sale of said bonds. Said notice shall offer said bonds to
the highest bidder or bidders therefor, and shall state how said
highest bidder or bidders will be determined. Said notice of sale shall
specify the date, place and hour at which bids for said bonds will
be received and opened and the bonds awarded. 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 determining 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 re-
deemable, 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
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 public school or schools described in said resolution above
required, in evidence of which any such bonds shall be issued, shall
be paid by the County to the Board of Education of Charles County
and, by said Board, shall be used exclusively and solely for such
public school or schools. In the event the amounts so borrowed shall
prove inadequate for the financing of any such public schools, at any
time, the County may issue additional bonds within the limitations
hereof for the purpose of evidencing the borrowing of additional
funds for any such public school, provided the resolution for author-
izing the additional bonds shall so recite, but if the funds derived
from the sale of any issue of said bonds shall exceed the amount
needed to finance the public school or schools described in said reso-
lution, the excess funds so borrowed and not expended by the Board
of Education shall be returned to the County by said Board and
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, unless said County shall
adopt a resolution allocating said excess funds to some other part
of the school construction program of said Board of Education.