HARRY HUGHES, Governor

2521

SECTION 4. AND BE IT FURTHER ENACTED, That the bonds shall
be issued pursuant to a resolution of the County which shall
describe generally the planning, construction, and equipping of
the Cecil County Library for which the proceeds of the bond sale
are intended and the amount needed for those purposes. The
County shall have and is hereby granted full and complete
authority and discretion in the resolution to fix and determine
with respect to the bonds of any issue: the designation, date of
issue, denomination or denominations, form or forms and tenor of
the bonds; the rate or rates of interest payable thereon, or the
method of determining the 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 shall mature later than twenty-five (25) 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 thereof.

The bonds may be made redeemable before maturity, at the
option of the County, at such price or prices and under such
terms and conditions as may be fixed by the County prior to the
issuance of the bonds, either in the resolution 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, or of both principal and interest, 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 (1983
Replacement Volume).

In the event 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.