HARRY HUGHES, Governor

925

Sections 9, 10, and 11 of Article 31 of the Code of Public
General Laws of Maryland (1983 Replacement Volume), as amended
from time to time, but said county shall offer said bonds only by
solicitation of competitive bids therefor at public sale. Said
bonds may be sold for such price or prices as may be determined
to be for the best interests of the county, either at, above, or
below the par value of any such bonds. Upon delivery of any of
said bonds to the purchaser or purchasers thereof, payment
therefor shall be made to the Treasurer Finance Director of
Carroll County.

In addition to making provisions for the above described
terms and conditions of any group or series of bonds issued
hereunder, the above mentioned resolution of the county shall
likewise fix the terms and conditions of the public sale of such
group or series of bonds, and said resolution shall adopt a
suitable form of notice of sale, which shall briefly outline said
terms and conditions in accordance with the provisions hereof.
Said notice shall be published at least twice in one or more
daily or weekly 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 certain 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 therefor.

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.