h.b. 1066                                        vetoes

or private sale, for such price or prices as may be determined to be for the best interests
of the Cecil 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 Cecil 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 Cecil County as may be
designated to receive payment in a resolution adopted by the Board 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 school 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 school 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 Board County in its discretion 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

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