Ch. 356                          MARVIN MANDEL, Governor                               787

438.

(A)   FOR THE PURPOSE OF PROVIDING FUNDS FOR THE DESIGN,
CONSTRUCTION, ESTABLISHMENT, PURCHASE, ACQUISITION OR
CONDEMNATION OF THE WATER SUPPLY, SEWERAGE, SOLID
WASTE AND DRAINAGE SYSTEMS PROVIDED FOR BY THIS
SUBTITLE, THE COUNTY COMMISSIONERS OF QUEEN ANNE'S
COUNTY SHALL FROM TIME TO TIME AS THEY DEEM NECESSARY,
ISSUE BONDS UPON THE FULL FAITH AND CREDIT OF THE
COUNTY. THE COUNTY MAY PAY THE INTEREST ON ANY BONDS IT
ISSUES OUT OF THE PROCEEDS OF THE SALE OF THE BONDS, BUT
NOT MORE THAN ONE YEAR'S INTEREST MAY BE SO EXPENDED.

(B)    EXCEPT AS HEREINAFTER PROVIDED, THE COUNTY SHALL
OFFER SUCH BONDS ONLY BY SOLICITATION OF COMPETITIVE
BIDS THEREFOR, WHICH OFFERING SHALL BE MADE IN
ACCORDANCE WITH THE PROVISIONS OF ARTICLE 31 OF THE
ANNOTATED CODE OF MARYLAND, 1957 EDITION. THE COUNTY
SHALL, BY ORDINANCE OR RESOLUTION, FIX THE TERMS AND
CONDITIONS OF THE PUBLIC SALE OR SALES OF SUCH BONDS,
AND SUCH ORDINANCE OR RESOLUTION SHALL ADOPT SUITABLE
FORMS OF NOTICE OF SUCH SALE OR SALES WHICH SHALL
BRIEFLY OUTLINE THE TERMS AND CONDITIONS THEREOF IN
ACCORDANCE WITH THE PROVISIONS OF THIS AND THE
FOLLOWING SECTIONS. IN LIEU OF PUBLISHING THE ENTIRE
NOTICE OF SALE, IN ANY INSTANCE, THE COUNTY MAY, IF IT SO
ELECTS, IN ANY SUCH ORDINANCE OR RESOLUTION PROVIDE FOR
THE PUBLICATION OF A BRIEF SUMMARY OF ANY SUCH NOTICE
WHICH NEED NOT CONTAIN ALL OR ANY OF THE INFORMATION
CALLED FOR BY ARTICLE 31 OF THE ANNOTATED CODE OF
MARYLAND, 1957 EDITION, BUT WHICH SHALL STATE WHERE
INTERESTED PARTIES MAY OBTAIN A COMPLETE COPY OF ANY
SUCH NOTICE OF SALE. EACH SUCH NOTICE OF SALE MAY ALSO
CONTAIN A BRIEF SUMMARY OF PERTINENT CURRENT
FINANCIAL INFORMATION OR INDICATE FROM WHOM SUCH
INFORMATION MAY BE OBTAINED.

439.

UPON THE DAY MENTIONED IN ANY SUCH NOTICE OF SALE OR
SUMMARY THEREOF FOR OPENING THE BIDS FOR THE PROPOSALS
THEREBY CALLED FOR, THE COUNTY SHALL RECEIVE SUCH
SEALED PROPOSALS FOR THE PURCHASE OF SUCH BONDS AS MAY
BE DESIGNATED IN THE NOTICE OF SALE OR SUMMARY THEREOF.
SUBJECT TO THE PROVISIONS OF THIS SUBTITLE, UPON THE
OPENING IN PUBLIC OF SUCH SEALED PROPOSALS, THE BONDS
SHALL BE AWARDED BY THE COUNTY TO THE BIDDER OR BIDDERS
THEREFOR FOR CASH, WHOSE BID OR BIDS ARE DETERMINED TO
BE IN THE BEST INTEREST OF THE COUNTY. IF SUCH BONDS SO
OFFERED FOR SALE ARE NOT BID FOR, OR IF ANY INSUFFICIENT
PRICE BE BID FOR THEM, THEY MAY BE SUBSEQUENTLY SOLD, IN
THE DISCRETION OF THE COUNTY, AT A PRIVATE SALE UPON THE
BEST TERMS THAT CAN BE OBTAINED FOR THE SAME, BUT THEY
SHALL NOT BE SOLD AT PRIVATE SALE FOR LESS THAN PAR AND
ACCRUED INTEREST. ALL PAYMENTS OF THE PURCHASE PRICE OF
SUCH BONDS SHALL BE MADE TO THE COUNTY TREASURER. SUCH
BONDS SHALL BE DESIGNATED "QUEEN ANNE'S COUNTY
SANITARY DISTRICT BONDS," AND SHALL BE SERIAL BONDS