ROBERT L. EHRLICH, JR., Governor

Ch. 145

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 in the best
interests of St. Mary's County; the manner of executing and sealing 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; covenants relating to compliance with applicable requirements of federal
income tax law, including (without limitation) covenants regarding the payment of
rebate or penalties in lieu of rebate; covenants relating to compliance with applicable
requirements of federal or state securities laws; and generally all matters incident to
the terms, conditions, issuance, sale, and delivery thereof.

The bonds may be made redeemable before maturity, at the option of the County,
at such price or prices and under such terms and conditions as may be fixed by the
County prior to the issuance of the bonds, either in the resolution or in a bond order
pursuant to the bond resolution. The bonds may be issued in registered form and
provision may be made for the registration of the principal only. In case any officer
whose signature appears on any bond ceases to be such officer before the delivery
thereof, such signature shall nevertheless be valid and sufficient for all purposes as if
he had remained in office until such delivery. The bonds and the issuance and sale
thereof shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of
the Annotated Code of Maryland, as amended.

The County may enter into agreements with agents, banks, fiduciaries,
insurers, or others for the purpose of enhancing the marketability of any 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 presented 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.

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 the bonds.

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