WILLIAM DONALD SCHAEFER, Governor Ch. 321

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; the collateral, if any, to be pledged or assigned to
the payment of the principal of and interest on the bonds; 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 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 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 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 Board in its discretion adopts a resolution allocating the
excess funds to the acquisition, construction, improvement,

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