HARRY HUGHES, Governor                                     3231

any such bond, or on the coupons attached thereto, shall cease to
be such officer, before the delivery thereof, such signatures
shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery. Said
bonds may, by any such resolution, be issued in coupon, or
registered form, or both, and provision may be made for the
registration of said bonds having coupons attached, as to
principal alone and also as to both principal and interest, and
for the reconversion of said bonds into coupon form if any of
such bonds shall have been registered as to both principal and
interest. Such bonds shall not be subject to the provisions of
Sections 9, 10, and 11 of Article 31 of the ANNOTATED Code of
[Public General Laws of] Maryland ([1976] 1983 Replacement Volume
AND 1984 SUPPLEMENT), as amended from time to time, but said
county shall offer said bonds [only] by solicitation of
competitive bids therefor at public sale OR ON A LIMITED OFFERING
BASIS, AS HEREINAFTER PROVIDED. 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 of Carroll County.

In addition to making provisions for the above described
terms and conditions of any group or series of bonds issued
hereunder, IF THE COUNTY DETERMINES IN THE RESOLUTION TO OFFER
ANY OF THE BONDS BY SOLICITATION OF COMPETITIVE BIDS AT PUBLIC
SALE, 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 contain a brief
summary of the current financial condition of the county or shall