HARRY HUGHES, Governor

2409

resolutions of the Board. 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, the signature shall nevertheless be valid
and sufficient for all purposes as if the officer 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), as amended from time to time.

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 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 Director of Finance of
Charles County or such other official of the County as may be
designated to receive such payment in a resolution adopted by the
Board before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds
of the sale of the bonds shall be used and applied exclusively
and solely for financing the public facilities. If the net
proceeds of the sale of any issue of bonds exceeds the amount
needed to finance the public facilities 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 or to the purchase and cancellation of
bonds, as the County may determine to be in its best interest.

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, bond anticipation notes or other obligations issued
hereunder or in connection herewith 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.