S.B. 796                                                   VETOES

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
pursuant to a resolution of the County which shall describe generally the public facilities
for which the proceeds of the bond sale are intended and the amount needed for those
purposes. The County shall have and is hereby granted full and complete authority and
discretion in the resolution to fix and determine with respect to the bonds of any issue:
the designation, date of issue, denomination or denominations, form or forms and tenor
of the bonds; the rate or rates of interest payable thereon, or the method of determining
the same, which may include a variable rate; the date or dates and amount or amounts of
maturity, which need not be in equal par amounts or in consecutive annual installments,
provided only that no bond of any issue shall mature later than 30 years from the date of
its .issue; the manner of selling the bonds, which may be at either public or private sale,
for such price or prices as may be determined to be for the best interest of the County;
the manner of executing the bonds, which may be by facsimile; the terms and conditions,
if any, 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.

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:

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