4687
FRUITLAND

sinking fund sufficient to retire the issue at maturity.
The shall be issued in such denominations, at such rates
of interest and for such period of time as the Council
may decide.

(3)     Signing, etc. of bonds. All bonds shall be
signed by the President of the Council, the seal of the
City attached thereto, and attested by the City Clerk,
except that the signature of the Council President and
said seal may be facsimiles engraved, printed, or
otherwise reproduced.

(4)    Sale of bonds. The City Treasurer shall sell
bonds by sealed bids after giving two weeks notice in one
or more newspapers of general circulation in the City of
Fruitland and in such other publications as the Council
may decide; except that in the case of the City's revenue
bonds, and/or of any bonds for which no sealed bid was
received, the City Treasurer may, with the express
advance permission and authority of the Council in each
particular instance, offer and sell such revenue bonds at
private sale, after such negotiation with one or more
prospective purchasers and after such notice of the
proposed sale, to the general public or to one or more
prospective purchasers, by mail or published
advertisement, as the Council in its discretion may
approve and authorize. The sale of all bonds shall be
carried on under such rules and regulations as the
Council may prescribe. No bonds shall be sold except at
prices approved by the Council and at not less than their
face amount.

NOTHING HEREINBEFORE SET FORTH IN THIS SUBSECTION
SHALL, HOWEVER, PREVENT THE CITY TREASURER FROM SELLING
BONDS TO THE UNITED STATES OF AMERICA OR TO THE STATE OF
MARYLAND, OR TO ANY AGENCY OF EITHER OF THEM DULY
AUTHORIZED TO PURCHASE MUNICIPAL BONDS, AT PRIVATE SALE
UPON THE SAME TERMS AND CONDITIONS AS SHALL GOVERN OTHER
PURCHASES OF MUNICIPAL BONDS BY THE UNITED STATES OF
AMERICA OR THE STATE OF MARYLAND, OR THE DULY AUTHORIZED
AGENCY OF EITHER OF THEM; NOR SHALL THE CITY TREASURER BE
REQUIRED TO ADVERTISE FOR AND TO TAKE BIDS ON ANY BOND
ISSUE BEFORE SELLING THE SAME AT PRIVATE SALE TO THE
UNITED STATES OF AMERICA OR THE STATE OF MARYLAND, OR ANY
AGENCY OF EITHER OF THEM.

(5)    Custody and delivery of bonds. When signed
and attested, the bonds shall be delivered to the City
Treasurer who shall be responsible for their safekeeping
and delivery to the purchaser.

(6)     Disposition of proceeds of sale. Proceeds
from the sale of all bonds shall be deposited by the City
Treasurer to the credit of the City of Fruitland in such