ROBERT L. EHRLICH, JR., Governor                             Ch. 306

COMPLY WITH THE REQUIREMENTS OF TITLE 17, SUBTITLE 2 AND TITLE 14 OF THE
STATE FINANCE AND PROCUREMENT ARTICLE IF THE REQUIREMENTS WOULD
OTHERWISE BE APPLICABLE.

(C)     (1) BONDS SHALL BE AUTHORIZED BY A RESOLUTION OF THE
GOVERNING BODY OF THE COUNTY.

(2) THE RESOLUTION SHALL:

(I)      GENERALLY DESCRIBE THE PUBLIC SCHOOL CONSTRUCTION
OR IMPROVEMENTS TO BE FINANCED THROUGH THE SALE OF THE BONDS;

(II)     STATE THE MAXIMUM PRINCIPAL AMOUNT OF THE BONDS;

(III)   DESCRIBE THE SOURCES OF REPAYMENT OF THE BONDS;

(IV) STATE THE MAXIMUM TERM OF THE BONDS, WHICH MAY NOT
EXCEED 30 YEARS; AND

(V) DESCRIBE ANY TERMS OR CONDITIONS UNDER WHICH THE
BONDS MAY BE REDEEMED BEFORE MATURITY.

(D)     THE BONDS SHALL:

(1)      BE DATED AND BEAR INTEREST AT A RATE SPECIFIED IN THE
RESOLUTION;

(2)      MATURE WITHIN 30 YEARS OF THE DATE OF ISSUANCE OF THE
BONDS;

(3)      BE ISSUED AT, ABOVE, OR BELOW PAR VALUE, FOR CASH OR OTHER
CONSIDERATION;

(4)      BE PAYABLE AT A TIME, IN THE DENOMINATION, IN REGISTERED
FORM, WITHIN THE MEANING OF ARTICLE 31, § 30 OF THE CODE, AS SPECIFIED IN
THE RESOLUTION;

(5)      CARRY THE REGISTRATION AND PRIVILEGES AS TO CONVERSION
AND FOR THE REPLACEMENT OF MUTILATED, LOST, OR DESTROYED BONDS, AS
SPECIFIED IN THE RESOLUTION;

(6)      BE PAYABLE IN LAWFUL MONEY OF THE UNITED STATES OF
AMERICA AT A DESIGNATED PLACE;

(7)      BE SUBJECT TO THE TERMS AND CONDITIONS SPECIFIED IN THE
RESOLUTION; AND

(8)      BE SOLD IN THE MANNER, INCLUDING PRIVATE OR NEGOTIATED
SALE, AND UPON THE TERMS, SPECIFIED IN THE RESOLUTION.

(E)     THE COUNTY MAY ENTER INTO AGREEMENTS WITH AGENTS, BANKS,
FIDUCIARIES, INSURERS, OR OTHERS TO: .

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