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Session Laws, 1961
Volume 654, Page 1646   View pdf image (33K)
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1646                              Laws of Maryland                       [Ch. 893

lishing said entire notice of sale, the County may, if it 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 com-
plete copy thereof.

Sec. 4. And be it further enacted, That the money so borrowed for
the public school or schools described in said resolution above re-
quired, in evidence of which any such bonds shall be issued, shall
be paid by the County to the Board of Education of Prince George's
County and, by said Board, shall be used exclusively and solely for
such public school or schools. In the event the amounts so borrowed
shall prove inadequate for the financing of any such public schools,
at any time, the County may issue additional bonds within the limita-
tions hereof for the purpose of evidencing the borrowing of additional
funds for any such public school, provided the resolution for authoriz-
ing 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 public school or schools described in said resolution, the
excess funds so borrowed and not expended by the Board of Education
shall be returned to the County by said Board and applied by said
County in payment 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 shall adopt a resolu-
tion allocating said excess funds to some other part of the school con-
struction program of said Board of Education.

Sec. 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 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 succeed-
ing fiscal year to make up any such deficiency. The County may apply
to the payment of principal and interest of any bonds issued here-
under any funds received by it from the State of Maryland, the United
States of America, any agency or instrumentality thereof, or from
any other source, if such funds are granted for the purpose of assist-
ing the County in public school construction, and to the extent of any
such funds received or receivable in any fiscal year the taxes hereby
required to be levied may be reduced proportionately.

Sec. 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, upon purchase or redemption, any bonds issued here-
under. The validity of any such refunding bonds shall in no way be
dependent upon or related to the validity or invalidity of the obliga-
tions so refunded. The powers herein granted with respect to the
issuance of bonds, and also the limitations herein on such powers shall

 

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Session Laws, 1961
Volume 654, Page 1646   View pdf image (33K)
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