662

LAWS OF MARYLAND

Ch. 122

or in subsequent resolutions. The bonds may be issued in
coupon or in registered form or both, and provision may be
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 (1976
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 school facilities for which
the bonds were sold. If the net proceeds of the sale of any
issue of bonds exceeds the amount needed to finance the
school facilities 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 or to the purchase and cancellation of bonds,
unless the County shall adopt a resolution allocating the
excess funds to the construction, improvement, or
development of other school 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
hereunder to be deemed "industrial development bonds" or
"arbitrage bonds" within the meaning of Section 103 of the