Montgomery County                           2777

part of the amount so needed and to issue the County's bonds to
evidence such borrowing or indebtedness. Each series or group
of bonds shall be issued to mature in annual serial installments,
not exceeding thirty and beginning not more than one year
from the date of such bonds, as may be determined by the order
of the County Executive authorizing such bonds, and no one of
such installments shall be less than fifty per centum of any other
installment. The County Executive shall have and is hereby
granted full and complete authority and discretion to fix and
determine, in the order 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 Executive by order, and such bonds
may be made redeemable before maturity, at the option of the
County, at such price or prices and under such terms and condi-
tions as may be fixed by the County Executive, either in the
order authorizing the issuance of the bonds, or in a subsequent
order 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 County Executive in said order shall determine the
form of such bonds, including any interest coupons to be at-
tached 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, in the discretion of the County
Executive, 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 Vol-
ume), as amended from time to time, but the County Executive
shall offer such bonds only by solicitation of competitive bids
therefor at public sale. Such bonds may be sold for such price