WILLIAM DONALD SCHAEFER, Governor Ch. 194

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 ten (10) days before the sale of bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment shall be
made to the Director of the Department of Finance of Carroll County or such other
official of the County as may be designated to receive payment in a resolution passed by
the Board of County Commissioners of Carroll 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 public 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 public 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 hereunder 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, or development 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.

SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
further authorized and empowered, at any time and from time to time, to issue its bonds
in the manner hereinabove described for the purpose of refunding any bonds issued
under this Act by payment at maturity or the purchase or redemption of bonds in
advance of maturity. The validity of any refunding bonds shall in no way be dependent
upon or related to the validity or invalidity of the obligations being refunded. The
powers herein granted with respect to the issuance of bonds shall be applicable to the
issuance of refunding bonds. Such refunding bonds may be issued by the County for the

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