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Session Laws, 1963
Volume 671, Page 1690   View pdf image (33K)
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1690                           LAWS OF MARYLAND                      [CH. 804

publishing 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 and Community College or Colleges
described in said resolution above required, in evidence of which any
such bonds shall be issued, shall be paid by the County to the Board
of Education of Anne Arundel County and, by said Board, shall be
used exclusively and solely for such public school or schools and
Community College or Colleges. In the event the amounts so bor-
rowed shall prove inadequate for the financing of any such public
schools or Community Colleges, at any time, the County may issue
additional bonds within the limitations hereof for the purpose of
evidencing the borrowing of additional funds for any such public
school or Community College, 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 public school or schools and Community College or Col-
leges 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 redeem-
able, unless said County shall adopt a resolution allocating said
excess funds to some other part of the school or Community College
construction program of said Board of Education.

Sec. 5. And be it further enacted, That the bonds hereby author-
ized 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 prop-
erty 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
interest of any bonds issued hereunder 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 assisting the County in public school or
Community College 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

 

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Session Laws, 1963
Volume 671, Page 1690   View pdf image (33K)
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