1482 LAWS OF MARYLAND Ch. 368
made for the registration of the principal only of bonds
having coupons attached, and for the reconversion of bonds
into coupon form if any bond has been registered as to both
principal and interest. In case any officer whose signature
appears on any bond or on any coupon attached thereto ceases
to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all
purposes as if he had remained in office until such
delivery. The bonds, and the issuance and sale thereof,
shall be exempt from the provisions of Sections 9, 10, and
11 of Article 31 of the Annotated Code of Maryland (1971
Replacement Volume).
If the County determines in the resolution to offer any
of the bonds by solicitation of competitive bids at public
sale, the resolution shall fix the terms and conditions of
the public sale and shall adopt a form of notice of sale,
which shall outline the terms and conditions, and a form of
advertisement, which shall be published in one or more daily
or weekly newspapers having a general circulation in the
County and which may also be published in one or more
journals having a circulation primarily among banks and
investment bankers. At least one publication of the
advertisement shall be made not less than ten (10) days
before the sale of bonds.
Upon delivery of any bonds to the purchaser or
purchasers, payment therefor shall be made to the Treasurer
of Dorchester County or such other official of the County as
may be designated to receive such payment in a resolution
passed by the Board of County Commissioners of Dorchester
County before such delivery.
SECTION 4. AND BE IT FURTHER ENACTED, That the net
proceeds of the sale of bonds shall be used and applied
exclusively and solely for the construction, improvement or
development of the public facilities for which the bonds
were sold. If the amounts so borrowed shall prove
inadequate to finance the projects described in the
resolution, the County may issue additional bonds within the
limitations hereof for the purpose of evidencing the
borrowing of additional funds for such financing, provided
the resolution authorizing the sale of additional bonds
shall so recite, but if the net proceeds of the sale of any
issue of bonds exceeds the amount needed to finance the
projects described in the resolution, the excess funds so
borrowed and not expended shall be applied to the payment of
the next principal maturity of the bonds or to the
redemption of any part of the bonds which have been made
redeemable, unless the County shall adopt a resolution
allocating the excess funds to the construction, improvement
or development of other public facilities, as defined and
within the limits set forth in this Act.
The authority granted under this Act shall not be
exercised, nor shall any of the proceeds of the sale of
bonds be used or applied, in any manner which would cause
any bonds, refunding bonds or temporary bonds issued
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