2742

LAWS OF MARYLAND

Ch. 940

determined, and specify the date, place and hour at which
bids for the 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. The
notice of sale 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
proceeds thereof will be devoted, and the general form
thereof, including a statement whether the bonds will be
redeemable, will be in coupon or registered form, and will
be registrable as to principal, or as to both principal and
interest. Each such notice 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 the entire
notice of sale, the County may, if it shall so elect by
resolution, publish a brief summary thereof which need not
contain all the information required for the notice of sale
but which shall state where interested parties may obtain a
complete copy thereof.

SECTION 4. AND BE IT FURTHER ENACTED, That the money
so borrowed for the public facilities, in evidence of which
any such bends shall be issued under the authority of this
Act, shall upon delivery of the bonds to the purchaser or
purchasers thereof be paid to the Treasurer of Cecil County
(or to such other official of the County designated to
receive such payment in a resolution adopted by the County
before such delivery) and shall be used exclusively and
solely for financing such public facilities and the payment
of all expenses, including but not limited to advertising,
printing and legal fees incurred in the issuance, sale and
delivery of such bends. In the event the amounts so
borrowed shall prove inadequate for the financing of the
public facilities, the County may, at any time, issue
additional bonds within the limitations hereof for the
purposes of evidencing the borrowing of additional funds for
such financing, provided that the resolution authorizing the
additional bonds shall so recite, but if the funds derived
from the sale of any issue of bonds shall exceed the amount
needed to finance the public facilities described in the
authorizing resolution, the excess funds so borrowed shall
be applied by the County in payment of the next principal
maturity of the bonds so issued or to the redemption of any
part of such bonds, if the same shall have been made
redeemable, unless the County shall adopt a resolution
allocating such excess funds to finance other projects of
the same general type or class as the public facilities.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds
hereby authorized shall constitute, and they shall so