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Session Laws, 1949
Volume 590, Page 1548   View pdf image (33K)
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1548 LAWS OF MARYLAND. [CH. 644

said resolution, publish a brief summary of said, notice which
summary need not contain all the information required by
law to be contained in said notice but which shall state
where interested parties may obtain a complete copy thereof.

SEC. 5. And be it further enacted, That the money so bor-
rowed or the indebtedness incurred, in evidence of which
said bonds shall be issued, shall be used by the County ex-
clusively and solely for the public facility or facilities de-
scribed in said resolution, and in the event the amounts so
borrowed shall prove inadequate for the financing of any
such public facility, at any time,. the County may issue addi-
tional obligations for the purpose >of evidencing the borrow-
ing of additional funds for any such public facility, but if
the funds derived from the sale of any issue of any such
bonds shall exceed the amount needed to finance the public
facility described in said resolution, the excess funds so bor-
rowed may be set apart by the County and applied in pay-
ment of the first principal maturity of the obligations so
issued or to the redemption of any part of said bonds, if the
same shall have been made redeemable by any such resolu-
tion, but said excess funds shall in no event be used for
any other County function nor for any other public facility
except upon the adoption by the Board of County Com-
missioners of a special resolution to that effect.

SEC. 6. And "be it further enacted, That the bonds hereby
authorized shall constitute, and they shall so recite, an irre-
vocable pledge of the full faith and credit and unlimited
taxing power of the County to the payment of the maturing
principal and interest of such bonds as and when the same
respectively mature. In each and every fiscal year that any
of said 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 the payment, when due,
of the interest and principal of all said bonds maturing in
each such fiscal year and in the event the proceeds from the
taxes so levied in any such fiscal year shall prove inadequate
for the above purposes, additional taxes shall be levied in
the succeeding fiscal year to make up any such deficiency.
The County may apply to the payment of principal and in-
terest of any bonds issued for one of the above defined pub-
lic facilities, any funds received by it from the State of
Maryland, the United States of America, any agency or in-
strumentality thereof, or from any other source, if such
funds are granted for the purpose of assisting the County in
obtaining any such public facility, and to the extent of any

 

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Session Laws, 1949
Volume 590, Page 1548   View pdf image (33K)
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