Ch. 370 LAWS OF MARYLAND

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 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 County as may be
designated to receive payment in a resolution passed by the County Commissioners of
Cecil 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 County 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 the County in rate and amount sufficient to provide for or assume
the payment, when due, of the principal of and interest on all the bonds maturing in
each such fiscal year and, if the proceeds from the taxes so levied in any fiscal year
prove inadequate for such payment, additional taxes shall be levied in the succeeding
fiscal year to make up any deficiency. The County may apply to the payment of the
principal of and interest on any bonds issued under this Act any funds received by it
from the State of Maryland, the United States of America, any agency or
instrumentality of either, or from any other source. If such funds are granted for the
purpose of assisting the County in financing the construction, improvement,
development, or renovation of the public facilities defined in this Act and, to the extent
of any such funds received or receivable in any fiscal year, taxes that might otherwise be
required to be levied under this Act may be reduced or need not be levied.

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