884                              Laws of Maryland                      [Ch. 309

Upon delivery of any of said bonds to the purchaser or purchasers
thereof, payment therefor shall be made to the Treasurer of Frederick
County.

In addition to making provisions for the above described terms
and conditions of any group or series of bonds issued hereunder, the
above mentioned resolution of the county shall likewise fix the
terms and conditions of the public sale of such group or series of
bonds, and said resolution shall adopt a suitable form of notice of sale,
which shall briefly outline said terms and conditions in accordance
with the provisions hereof. Said notice shall be published at least
twice 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. The sale of said bonds shall be held not sooner than ten (10)
days following the first publication of said notice. Said notice shall

offer said bonds to the highest bidder or bidders therefor, and shall

state how said highest bidder or bidders THE BEST BID 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 redeemable, will be in coupon or registered form,
and whether the same will be registerable 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 but which shall state where interested parties
may obtain a complete copy thereof.

SEC. 5. And be it further enacted, That the proceeds from the sale
of said bonds shall be paid to the County Treasurer and shall be set
apart by him in an account or accounts, to the credit of "Public
Building Bonds of Frederick County of 1972," ONE OR MORE
ACCOUNTS AS THE COUNTY COMMISSIONERS MAY DESIG-
NATE, and shall be disbursed by him only for the purposes herein
authorized, and upon the joint order of the County Commissioners
of Frederick County and the Board of Education of Frederick County,
provided that any accrued interest and/or premium received from
the sale of said bonds may be applied to the payment of the first
maturing interest of said bonds.

All contracts for the purchase of sites for public buildings for
employment of architects, builders, inspectors and supervisors, for
building or equipping said public buildings and all other contracts
and agreements requiring payment of money from said account or
accounts shall be in writing and shall be executed jointly by the