HARRY HUGHES, Governor

2255

purposes the same as if he had remained in office until such
delivery. The bonds may be issued in coupon or in
registered form or both, and provision may be made for the
registration of the bonds having coupons attached, as to
principal alone and as to both principal and interest, and
for the conversion or reconversion, as applicable, of the
bonds into coupon form if any of such bonds shall have been
registered as to both principal and interest. The bonds
shall not be subject to the provisions of Sections 9, 10,
and 11 of Article 31 of the Annotated Code of Maryland (1976
Replacement Volume), as amended from time to time, and the
County may offer said bonds by solicitation of competitive
bids therefor at public sale or, at the discretion of the
County, at private sale. The bonds may be sold for such
price or prices as may be determined to be in the best
interests of the County, either at or above the par value of
any such bonds.

In addition to making provision for the above-described
terms and conditions of any group or series of bonds issued
hereunder, the County shall fix by resolution the terms and
conditions of the public or private sale of such group or
series of bonds and, in the event that the County shall
elect to sell such bonds at public sale, shall adopt a
suitable form of notice of sale, which shall briefly outline
such terms and conditions in accordance with the provisions
hereof. The notice of sale shall be published at least
twice in one or more daily or weekly newspapers having a
general circulation in Cecil County, and may also be
published in one or more journals having a circulation
primarily among banks and investment bankers. At least one
publication of the notice of sale shall be made not less
than ten (10) days before the bond sale. The notice of sale
shall offer the bonds to the highest bidder or bidders
therefor, state how the highest bidder or bidders will be
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