WILLIAM DONALD SCHAEFER, Governor Ch. 332

of securing any tendor 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 shall be made to the Treasurer of Washington 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 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.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, an
irrevocable pledge of the full faith and credit and unlimited
taxing power of the County to the payment of the maturing
principal of and interest on the bonds as and when they become
payable. In each and every fiscal year that any of the bonds are
outstanding, the County shall levy or cause to be levied ad
valorem taxes upon all the assessable property within the
corporate limits of the County in rate and amount sufficient to
provide for or assume the payment, when due, of the principal of

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