Ch. 367

2004 LAWS OF MARYLAND

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.

Upon delivery of any bonds to the purchaser or purchasers, payment therefor
shall be made to the Treasurer of Calvert County or such other official of Calvert
County as may be designated to receive such payment in a resolution passed by the
County before such 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 acquisition,
construction, improvement, or development of public facilities for which the bonds are
sold. If the amounts borrowed shall prove inadequate to finance the projects described
in the resolution, the County may issue additional bonds with the limitations hereof
for the purpose of evidencing the borrowing of additional funds for such financing,
provided the resolution authorizing the sale of additional bonds shall so recite, but if
the net proceeds of the sale of any issue of bonds exceeds the amount needed to
finance the projects described in the resolution, the excess funds so borrowed and not
expended 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 shall adopt a resolution

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