Ch. 434

LAWS OF MARYLAND

group or series of bonds, and the resolution shall adopt a
suitable form of notice of sale, which shall briefly outline the
terms and conditions in accordance with the provisions hereof.
Notice shall be published at least twice in one or more daily or
weekly newspapers having a general circulation in the County, and
may also be published in one or more journals having a
circulation primarily among banks and investment bankers. The
sale of the bonds shall be held not sooner than 10 days following
the first publication of the notice. The notice shall state how
the best bid will be determined. The notice of sale shall
specify the date, place, and hour at which bids for the bonds
will be received and opened and the bonds awarded. It also shall
specify that each bid shall be made in writing by a sealed
proposal and shall be accompanied by a good faith deposit in a
fixed or determinable amount as security for compliance by the
bidder with his bid. The .notice shall refer to this Act as
authority for the bonds and shall state the date of issue of the
bonds offered, the total aggregate par amount thereof, the
schedule of maturities thereof, the interest payable thereon, or
the method of determining the same, the purpose to which the
proceeds thereof will be devoted and the general form thereof,
including a statement whether the bonds will be redeemable, will
be in coupon or registered form, and whether the same will be
registerable as to principal, or as to both principal and
interest. Each such notice of sale also shall contain a brief
summary of the current financial condition of the County or shall
indicate where such a statement may be obtained and, finally,
shall reserve unto the County the right to reject any or all bids
received. In lieu of publishing the entire notice of sale, the
County, if it so elects in the resolution, may publish a brief
summary of the notice which need not contain all the information
required for the notice but which shall state where interested
parties may obtain a complete copy therefor.

SECTION 4. AND BE IT FURTHER ENACTED, That the proceeds
from the sale of the bonds may be applied to the payment of the
first maturing interest of the bonds.

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 and interest of such bonds and when they respectively
mature. In each and every fiscal year in which 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 the payment, when due, of the interest and principal
of all the bonds maturing in each such fiscal year and in the
event the proceeds from the taxes so levied in any such fiscal
year prove inadequate for the above purposes, serial
installments, the last installment to mature not later than 25
years from the date of issue of said group or series. In the

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