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Session Laws, 1959
Volume 642, Page 1095   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                          1095

the County for the cost of such project, pursuant to the authority
of Section 84A, including the interest on such bonds to date of pay-
ment and any redemption premium payable for such bonds. Like-
wise, and subject to the same proviso, any such project and the
property acquired therefor may be sold by the County if it shall
find that said project and property are no longer needed for the
public purposes and use aforesaid, provided that any such sale shall
only be made to the highest responsible competitive bidder at public
sale after the County shall have given at least two weeks' published
notice thereof. The proceeds of any such sale, over and above the
amounts needed to liquidate said bonds, and the interest and premium
thereon, as aforesaid, shall become part of the general funds of the
County, free of any trust or other lien, available for expenditure
by the County on any of its corporate purposes, including those set
forth in Section 84A of this Article.

84F. No project shall be undertaken or financed by the County
Commissioners of Charles County pursuant to Sections 84A or 84C
of this Article 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 es-
tablished 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 with 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 Section
84C of this Article 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.

84G. The revenue bonds issued under the provisions of Section
84C 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 sub-
division 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 state-
ment of their face to the effect that the County Commissioners of
Charles County is not obligated to pay such bonds or the interest
thereon, except from such revenues. The issuance of such revenue
bonds shall not directly, indirectly or contingently obligate or em-
power the County Commissioners of Charles County to levy or pledge


 

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Session Laws, 1959
Volume 642, Page 1095   View pdf image (33K)
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