WILLIAM DONALD SCHAEFER, Governor Ch. 432

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, all as may be determined and prescribed in the
aforesaid resolution, which may (but need not) state as security
for the performance by the County of any monetary obligations
under such agreements the same security given by the County to
bondholders for the performance by the County of its monetary
obligations under 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 Director of the Department of
Finance of Carroll 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 Carroll 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

- 2897 -