1842                             Laws of Maryland                      [Ch. 732

vision may be made for the registration of the principal only of bonds
having coupons attached, and for the reconversion of bonds into
coupon form if any such bonds shall have been registered as to
both principal and interest. In case any officer whose signature shall
appear on any such bond, or on the coupons attached thereto, shall
cease to be such officer before the delivery thereof, such signature
shall nevertheless be valid and sufficient for all purposes as if he
had remained in office until such delivery. The bonds, and the
issuance and sale thereof, shall be exempt from the provisions of
Sections 9, 10 and 11 of Article 31 of the Annotated Code of
Maryland (1971 Replacement Volume), as amended from time to
time.

In the event the County determines in the resolution to offer any
of the bonds by solicitation of competitive bids at public sale,
the resolution shall fix the terms and conditions of the public sale
and shall adopt a form of notice of sale, which shall outline said
terms and conditions, and a form of advertisement which shall be
published in one or more daily or weekly newspapers having a gen-
eral circulation in the County and which may also be published in
one or more journals having a circulation primarily among banks
and investment bankers. At least one publication of the advertise-
ment shall be made not less than ten (10) days before the sale of
bonds.

Upon delivery of any bonds to the purchaser or purchasers there-
of, payment therefor shall be made to the County Treasurer or to
such other official of the County designated to receive such pay-
ment in a resolution passed by the Board of County Commissioners
of the County before such delivery.

SEC. 4. And be it further enacted, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for
the construction and development of the public facilities for which
the bonds were sold. In the event the amounts so borrowed shall
prove inadequate to financing the construction and development of
the public facilities described in the resolution, the County may
issue additional bonds within the limitations hereof for the pur-
pose of evidencing the borrowing of additional funds for such fi-
nancing, provided the resolution for authorizing the additional bonds
shall so recite, but if the net proceeds of the sale of any issue of
bonds shall exceed the amount needed to finance the construction
and development of the public facilities described in said resolution,
the excess funds so borrowed and not expended shall be applied
to the payment of the next principal maturity of the bonds or to the
redemption of any part of the bonds, if the same shall have been
made redeemable, unless the County shall adopt a resolution allocat-
ing the excess funds to the construction or development of other
public facilities, as defined and within the limits set forth in
the Act. The authority granted under this Act shall not be exercised,
nor shall the proceeds of the sale of bonds be used or applied, in
any manner which would cause any bonds, refunding bonds or
temporary bonds issued hereunder to be deemed "industrial develop-
ment bonds" or "arbitrage bonds" within the meaning of Section
103 of the Internal Revenue Code of 1954 or the regulations pre-
scribed thereunder.