3944

VETOES

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.

Upon delivery of any bonds to the purchaser or purchasers,
payment therefor shall be made to the Treasurer of Cecil 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 Cecil County before such delivery.

SECTION 5. AND BE IT FURTHER ENACTED, That the net proceeds
of the sale of bonds shall be used and applied exclusively and
solely for the construction, improvement or development of public
facilities for which the bonds were sold. In the event the
amounts so borrowed shall prove inadequate to finance the
projects described in the resolution the County may issue
additional bonds with the limitations hereof for the purpose of
evidencing the borrowing of additional funds for such financing,
provided the resolution authorizing the sale of additional bonds
shall so recite, but if the net proceeds of the sale of any issue
of bonds exceeds the amount needed to finance the projects
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, unless the County shall
adopt a resolution allocating the excess funds to the
construction, improvement or development of other public
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 Internal Revenue Code of 1954 or
the regulations prescribed thereunder.

SECTION 6. AND BE IT FURTHER ENACTED, That the bonds hereby