Ch. 428                                    LAWS OF MARYLAND

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 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 or
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 delivery, 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 issue and sale shall be exempt from the provisions of
Sections 9, 10, and 11 of Article 31 of the Annotated Code of
Maryland as effective 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 10 days before the sale
of bonds.

Upon delivery of any bonds to the purchaser or purchasers,
payment shall be made to the Treasurer of Frederick County or
such other official of the County as may be designated to receive
payment in a resolution passed by the Board of County
Commissioners of Frederick County before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds
of the sale of bonds shall be used and applied exclusively and
solely for the public facilities for which the bonds are sold.

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