ROBERT L. EHRLICH, JR., Governor

Ch. 205

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 subsequent
resolutions. 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 2C, 9, 10, and 11 of Article 31 of the Annotated Code of Maryland. 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, including the manner of receipt of bids, and a form
of advertisement, which shall be published in one or more daily or weekly newspapers
having a general circulation in Washington 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 Washington County or such other official of the
County as may be designated to receive such payment in a resolution passed by the
County Commissioners of Washington County before such delivery. For purposes of
issuance and sale, bonds, authorized hereunder may be consolidated into a single
issue with any other bonds authorized to be issued by the County.

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 within 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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