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Session Laws, 1962 (Special Session 1), House and Senate Journals
Volume 649, Page 53   View pdf image (33K)
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J. MILLARD TAWES, Governor 53

form, and whether the same will be registerable as to principal, or
as to both principal and interest. Each such notice of sale shall also
contain a brief summary of the current financial condition of Anne
Arundel County or shall indicate where such a statement may be ob-
tained and, finally, shall reserve unto the County Commissioners the
right to reject any or all bids received. In lieu of publishing said
entire notice of sale, the County Commissioners may, if they shall
so elect in said resolution, publish a brief summary of said notice
which need not contain all the information required for said notice
of sale but which shall state where interested parties may obtain a
complete copy thereof.

6A-8. The money so borrowed for the storm water or surface
water drainage system or systems described in said resolution above
required, in evidence of which any such bonds shall be issued shall be
used exclusively and solely for such storm water or surface water
drainage system or systems, including the cost of advertising, print-
ing, legal fees and expenses and other costs of issuing such bonds.
In the event the amounts so borrowed shall prove inadequate for
the financing of any such storm water or surface water drainage
system or systems, at any time, the County Commissioners may issue
additional bonds within the limitations hereof for the purpose of
evidencing the borrowing of additional funds for any such storm
water or surface water drainage system or systems, provided the
resolution for authorizing the additional bonds shall so recite, but
if the funds derived from the sale of any issue of said bonds shall
exceed the amount needed to finance the storm water or surface
water drainage system or systems described in said resolution, the
excess funds so borrowed and not expended by the County Com-
missioners shall be applied by the County Commissioners in pay-
ment of the next principal maturity of the bonds so issued or to
the redemption of any part of said bonds, if the same shall have been
made redeemable, unless said County Commissioners shall adopt a
resolution allocating said excess funds to some other part of the
storm water or surface water drainage system or systems in the
drainage area for which such bonds were issued.

6A-9. The bonds authorized by this Chapter 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 and interest of such bonds as and when
the same respectively mature. Such bonds shall be payable pri-
marily from both the benefit assessments and special ad valorem
taxes authorized and directed to be levied by Sections 6A-10 and
6A-11, respectively, of this Chapter, but if such benefit assessments
and special ad valorem taxes are insufficient for such purpose, such
bonds shall be payable from, unlimited ad valorem taxes levied
upon all assessable property within Anne Arundel County, and the
resolution or resolutions of the County Commissioners authorizing
the issuance of such bonds shall so provide. In each and every
fiscal year that any of said bonds are outstanding, the County
Commissioners shall levy or cause to be levied both the benefit
assessments and special ad valorem, taxes authorized by said Sec-
tions 6A-10 and 6A-11, respectively, in an amount or amounts
sufficient to provide for the payment when due of the interest
on and principal of all such bonds becoming due in such fiscal year,



 

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Session Laws, 1962 (Special Session 1), House and Senate Journals
Volume 649, Page 53   View pdf image (33K)
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