WILLIAM DONALD SCHAEFER, Governor Ch. 492

CORPORATE PURPOSES, INCLUDING THOSE SET FORTH IN § 119-1 OF
THIS CHAPTER.

119-6. PREREQUISITES TO THE INITIATION AND FINANCING OF
PROJECTS; APPLICATION OF MONEYS FROM BOND SALES.

NO PROJECT SHALL BE UNDERTAKEN OR FINANCED BY THE
COUNTY COMMISSIONERS OF CHARLES COUNTY PURSUANT TO §§ 119-1
AND 119-3 OF THIS CHAPTER UNLESS, PRIOR TO SUCH UNDERTAKING,
THE COUNTY SHALL HAVE MADE A FINDING WITH RESPECT TO ANY
PUBLIC SERVICE PROJECT THAT THE ESTIMATED FEES, ASSESSMENTS,
RENTS, TOLLS, CHARGES AND REVENUES FROM SUCH PROJECT WILL BE
SUFFICIENT TO PAY THE MATURING PRINCIPAL OF AND INTEREST ON
ANY REVENUE BONDS ISSUED BY THE COUNTY FOR SUCH PROJECT, THE
SINKING FUNDS AND OTHER RESERVES REQUIRED TO BE ESTABLISHED
UNDER ANY TRUST INDENTURE ENTERED INTO OR ANY RESOLUTION
PASSED BY THE COUNTY WITH RESPECT TO SUCH PROJECT AND THE
COSTS OF OPERATION AND MAINTENANCE OF SUCH PROJECT AND, WITH
RESPECT TO ANY PROJECT TO BE LEASED TO A PRIVATE OPERATOR,
UNLESS THE COUNTY SHALL HAVE ENTERED INTO A BINDING LEASE
'ITH SUCH OPERATOR PROVIDING FOR AN ANNUAL RENTAL WHICH
WILL LIKEWISE BE SUFFICIENT TO PAY THE MATURING PRINCIPAL OF
AND INTEREST ON BONDS ISSUED BY THE COUNTY FOR SUCH PROJECT
AND THE SINKING FUND PAYMENTS AND RESERVES AND OTHER
CHARGES REQUIRED TO BE ESTABLISHED OR PAID UNDER ANY TRUST
INDENTURE OR RESOLUTION EXECUTED OR PASSED BY THE COUNTY TO
SECURE ANY SUCH ISSUE OF BONDS. ALL MONEYS RECEIVED BY THE
COUNTY FROM THE SALE OF ANY REVENUE BONDS ISSUED UNDER THE
PROVISIONS OF § 119-3 OF THIS CHAPTER SHALL BE APPLIED SOLELY
FOR THE PURPOSE FOR WHICH SUCH BONDS OR OTHER OBLIGATIONS
SHALL BE AUTHORIZED OR TO THE SINKING FUND CREATED FOR THE
PAYMENT OF SUCH BONDS, AND SUCH FUNDS ARE HEREBY DECLARED
TO BE TRUST FUNDS FOR SUCH PURPOSES. ACCORDINGLY, THERE
SHALL BE AND HEREBY IS CREATED AND GRANTED A LIEN UPON ANY
SUCH MONEYS, UNTIL SO APPLIED, IN FAVOR OF THE HOLDERS OF SUCH
BONDS OR OTHER OBLIGATIONS OR IN FAVOR OF THE TRUSTEE
APPOINTED UNDER ANY INDENTURE OF TRUST SECURING ANY SUCH
BONDS OR OTHER OBLIGATIONS.

119-7. PAYMENT OF REVENUE BONDS.

THE REVENUE BONDS ISSUED UNDER THE PROVISIONS OF § 119-3
OF THIS CHAPTER SHALL NOT BE DEEMED TO CONSTITUTE A PLEDGE OF
THE FAITH AND CREDIT OF THE COUNTY OR OF THE STATE OF
MARYLAND OR ANY POLITICAL SUBDIVISION THEREOF, BUT SUCH
REVENUE BONDS SHALL BE OBLIGATIONS OF THE COUNTY, PAYABLE
SOLELY FROM REVENUES OF THE PROJECT OR PROJECTS SECURING THE
SAME. ALL SUCH REVENUE BONDS SHALL CONTAIN A STATEMENT ON
THEIR FACE TO THE EFFECT THAT THE COUNTY COMMISSIONERS OF

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