Ch. 492 LAWS OF MARYLAND

PLACES OF PAYMENT OF PRINCIPAL AND INTEREST, WHICH MAY BE AT
ANY BANK OR TRUST COMPANY, AND MAY PROVIDE FOR SUCH OTHER
DETAILS AS ARE INCIDENT TO THE SALE, ISSUANCE AND DELIVERY OF
THE BONDS. EACH OF THE BONDS SHALL BE ISSUED UNDER THE SEAL OF
THE COUNTY AND SHALL BE SIGNED BY THE CHIEF EXECUTIVE OFFICER
AND BY THE CLERK OR SECRETARY OF THE COUNTY. ALL BONDS ISSUED
UNDER THE PROVISIONS OF THIS SUBSECTION SHALL HAVE AND ARE
DECLARED TO HAVE, AS BETWEEN SUCCESSIVE HOLDERS, ALL THE
QUALITIES AND INCIDENTS OF NEGOTIABLE INSTRUMENTS UNDER THE
LAWS OF THE STATE OF MARYLAND. THE ISSUANCE OF THE BONDS IS
NOT SUBJECT TO ANY LIMITATIONS OR CONDITIONS CONTAINED IN ANY
OTHER LAW, INCLUDING ARTICLE 31, §§ 9 TO 11, INCLUSIVE, OF THE
ANNOTATED CODE OF MARYLAND, 1971 REPLACEMENT VOLUME, AS
AMENDED FROM TIME TO TIME. THE COUNTY COMMISSIONERS MAY
SELL SUCH BONDS IN SUCH MANNER, EITHER AT PUBLIC OR AT PRIVATE
SALE, AND FOR SUCH PRICE, AT NOT LESS THAN PAR, AS THEY MAY
DETERMINE TO BE IN THE BEST INTEREST OF THE COUNTY. BONDS
ISSUED PURSUANT TO THE AUTHORITY OF THIS SUBSECTION ARE AT
ALL TIMES EXEMPT FROM STATE, COUNTY AND MUNICIPAL TAXATION
OF EVERY KIND WHATSOEVER IN THE STATE OF MARYLAND. THIS
SUBSECTION SHALL BE CONSTRUED AS A SPECIFIC GRANT OF
AUTHORITY TO THE COUNTY COMMISSIONERS TO ISSUE AND SELL SUCH
BONDS IN THE MANNER PRESCRIBED IN THIS SUBSECTION.

(2) DISBURSEMENT OF PROCEEDS; ISSUANCE OF ADDITIONAL
BONDS; DISPOSITION OF SURPLUS PROCEEDS. THE PROCEEDS OF THE
BONDS AUTHORIZED IN THIS SUBSECTION SHALL BE USED SOLELY FOR
THE PAYMENT OF THE COST OF THE PROJECT OR PROJECTS ON
ACCOUNT OF WHICH SUCH BONDS ARE ISSUED AND SHALL BE
DISBURSED IN SUCH MANNER AND UNDER SUCH RESTRICTIONS, IF ANY,
AS THE COUNTY COMMISSIONERS MAY PROVIDE IN THE AUTHORIZING
RESOLUTION. IF THE PROCEEDS OF SUCH BONDS, BY ERROR OF
ESTIMATES OR OTHERWISE, SHALL BE LESS THAN SUCH COST,
ADDITIONAL BONDS MAY IN LIKE MANNER BE ISSUED TO PROVIDE THE
AMOUNT OF SUCH DEFICIT AND, UNLESS OTHERWISE PROVIDED IN THE
AUTHORIZING RESOLUTION, SHALL BE DEEMED TO BE OF THE SAME
ISSUE AND SHALL BE ENTITLED TO PAYMENT FROM THE SAME FUND
WITHOUT PREFERENCE OR PRIORITY OF THE BONDS FIRST ISSUED FOR
THE SAME PURPOSE. IF THE PROCEEDS OF THE BONDS OF ANY ISSUE
SHALL EXCEED THE AMOUNT REQUIRED FOR THE PURPOSE FOR WHICH
SUCH BONDS SHALL HAVE BEEN ISSUED, THE SURPLUS SHALL BE USED
FOR THE RETIREMENT OF BONDS OF SUCH ISSUE AS IN THE
AUTHORIZING RESOLUTION PROVIDED OR, IN THE ABSENCE OF SUCH
PROVISION, FOR APPLICATION TO THE NEXT MATURING PRINCIPAL
PAYMENT ON SUCH BONDS OR, UPON ADOPTION OF A RESOLUTION BY
THE COUNTY COMMISSIONERS, OTHER PROJECTS WITHIN THE SPECIAL
TAXING DISTRICT OR DISTRICTS FOR WHICH SUCH BONDS WERE ISSUED

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