292

LAWS OF MARYLAND

Ch. 81

$3,000,000 and to evidence its borrowing by the issuance and sale
upon its full faith and credit of general obligation bonds in
like par amount, which may be issued at one time or from time to
time, in one or more groups or series, as the County may
determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall
be issued pursuant to a resolution of the County which shall
describe generally the public facilities development 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 which may
include a variable rate; 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 30 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 terms and conditions, if any, under which bonds may be
tendered for payment or purchase prior to their stated maturity;
the terms and conditions, if any, under which bonds may or shall
be redeemed prior to their stated maturity; 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 County may enter into agreements with agents, banks,
fiduciaries, insurers or others for the purpose of enhancing the
marketability of and security for the bonds and for the purpose
of securing any tender option that may be granted to holders of
the bonds.

In case any officer whose signature appears on any bond
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 delivery.
The bonds, and their issuance and sale, shall be exempt from the
provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland (1983 Replacement Volume and 1985
Supplement, 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