Ch. 581                                     1993 LAWS OF MARYLAND

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 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.                                                                                     

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 shall be made
to the Treasurer of Cecil County or such other official of the County as may be designated
to receive payment in a resolution passed by the County Commissioners 'of Cecil 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 as follows:

(a)     Bohemia Manor Junior Senior High School in Chesapeake City, $5,644,000;
and                                                                                                                       

(b)     Cecil Manor Elementary School in Elkton $1,800,000 $5,775,000; and
(c) Rising Sun Middle School in Rising Sun, $4,321,000.

(b)     Other schools and property of the Board of Education of Cecil County,
$125,000 for removal and replacement of fixtures, and other repairs: and

(c)     County bridges at various sites, $1,400,000.

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.

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