Ch. 562

LAWS OF MARYLAND

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 (1986 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 10 days before the sale
of bonds.

Upon delivery of any bonds to the purchaser or purchasers,
payment therefor shall be made to the Treasurer of Washington
County or such other official of the County as may be designated
to receive such payment in a resolution passed by the Board of
County Commissioners of Washington 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.
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 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, unless the County adopts a
resolution allocating the excess funds to the construction,
improvement, or development of other public facilities.

The authority granted under this Act shall not be exercised,
nor shall any of the proceeds of the sale of bonds be used or

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