258                                        LAWS OF MARYLAND                                Ch. 181

obligation bonds in like par amount, upon the terms and conditions hereinafter set
forth. Such bonds may be issued from lime to time, in one or more groups or
series, as funds for such public buildings become necessary, provided, however, that
the total debt which may be incurred pursuant to the authority of this Act shall
not exceed eight million dollars ($8,000,000).

SECTION 3. AND BE IT FURTHER ENACTED, That . subject to the
foregoing limitations, the County shall, before borrowing any money or issuing any
bonds pursuant to the authority of the Act, adopt a resolution describing the public
buildings for which said borrowing or indebtedness is intended, the amount needed
for said purposes in the aggregate, and determining to borrow money or incur
indebtedness for all or a part of the amount so needed, and to issue its bonds to
evidence such borrowing or indebtedness. Each series or group of said bonds shall
be issued to mature in annual serial installments, the last installment to mature not
later than thirty (30) years from the date of issue of said group or series. In said
resolution, said County shall fix the annual serial maturity plan with respect to the
bonds to be issued thereunder and said annual serial maturities shall be so fixed as
to conform to the general financial plans of the County but need not be in equal
par amounts or in consecutive annual installments. Subject to the limitations
herein contained, said County shall have and is hereby granted full and complete
authority and discretion to fix and determine, in said resolution, 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 dales upon which said bonds shall
respectively mature and be payable, the manner of selling said 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 at such
rate or rates as may be determined, payable semi-annually, shall mature at such
time or times as may be determined by said resolution be made redeemable before
maturity, at the option of the County, at such price or prices and under such terms
and conditions as may be fixed by said County, either in said resolution or in
subsequent resolutions, but prior to the issuance of said bonds. The principal of
and the interest on said bonds may be made payable in any lawful medium. Said
resolution shall determine the form of said bonds, including any interest coupons
to be attached 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 and trust company within or without the State of Maryland.
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 signatures shall nevertheless be valid and sufficient for all purposes the same
as if he had remained in office until such delivery. Said bonds may, by any such
resolution, by issued in coupon or in registered form or both, and provision may be
made for the registration of said bonds having coupons attached, as to principal
alone and also as to both principal and interest, and for the reconversion of said
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 Code of Public General Laws of Maryland (1971
Replacement Volume), as amended from time to time, but said County shall offer
said bonds only by solicitation of competitive bids therefor at public sale. Said
bonds may be sold for such price or prices as may be determined to be for the
best interests of the County, either at, above or below the par value of any such
bonds. 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