HARRY HUGHES, Governor

863

newspapers having a general circulation in the county, and
may also be published in one or more journals having a
circulation primarily among banks and investment bankers.
The sale of said bonds shall be held not sooner than ten

(10) days following the first publication of said notice.

Said notice shall state how the best bid will be determined.

Said notice of sale shall specify the date, place, and hour

at which bids for said 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. Said notice 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 the proceeds thereof will be devoted and the

general form thereof, including a statement whether said

bonds will be redeemable, will be in coupon or registered

form, and whether the same will be registerable as to

principal, or as to both principal and interest. Each such

notice of sale 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 said entire notice of sale,
the county may, if it shall so elect in said resolution,
publish a brief summary of said notice which need not
contain all the information required for said notice but

which shall state where interested parties may obtain a
complete copy thereof.

SECTION 4. AND BE IT FURTHER ENACTED, That the

proceeds from the sale of said bonds may be applied to the

payment of the first maturing interest of said bonds.

      SECTION 5. AND BE IT FURTHER ENACTED, That the bonds

hereby authorized shall constitute, and they shall so
recite, an irrevocable pledge of the full faith and credit
and unlimited taxing power of the county to the payment of
the maturing principal and interest of such bonds and when
the same respectively mature. In each and every fiscal year
that any of said bonds are outstanding, the county shall
levy or cause to be levied ad valorem taxes upon all the
assessable property within the corporate limits of the

county in rate and amount sufficient to provide for the

payment, when due, of the interest and principal of all said
county in rate and amount sufficient to provide for the
payment, when due, of the interest and principal of all said
bonds maturing in each such fiscal year and in the event the
proceeds from the taxes so levied in any such fiscal year

shall prove inadequate for the above purposes, additional

taxes shall be levied in the succeeding fiscal year to make
up any such deficiency. The county may apply to the payment
of principal and interest of any bonds issued hereunder any

funds received by it as loan payments from said volunteer
fire departments and any funds received by it from the State
of Maryland, the United States of America, any agency or