HARRY HUGHES, Governor

839

same; the date or dates and amount or amounts of maturity,
which need not be in equal par amounts or in consecutive
annual installments, provided only that no bond of any issue
may mature later than 30 years from the date of its issue;
the manner of selling the bonds, which may be at either
public or private sale, for such price or prices as may be
determined to be for the best interests of the County; the
manner of executing and sealing the bonds, which may be by
facsimile; the place or places of payment of the principal
of and the interest on the bonds, which may be at any bank
or trust company within or without the State of Maryland;
and generally all matters incident to the terms, conditions,
issuance, sale and delivery of the bonds. In case any
officer whose signature appears on any bond or on any coupon
attached thereto ceases to be such officer before delivery,
the signature shall nevertheless be valid and sufficient for
all purposes as if he had remained in office until the
delivery. The bonds, and the issuance and sale of them,
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
10 days before the sale of bonds. Upon delivery of any
bonds to the purchaser or purchasers, payment for the bonds
shall be made to the Treasurer of Caroline County or such
other official of the County as may be designated to receive
the payment in a resolution passed by the Board of County
Commissioners of Caroline County before the delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net
proceeds of the sale of bonds shall be applied exclusively
for the solid waste facilities for which the bonds were
sold. If the net proceeds of the sale of any issue of bonds
exceed the amount needed to finance the facilities described
in the resolution, the excess funds 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 adopts a resolution allocating the excess
funds to the construction, improvement, or development of
other solid waste facilities, as defined 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 under
this Act to be deemed "industrial development bonds" or