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Session Laws, 1963
Volume 671, Page 1993   View pdf image (33K)
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J. MILLARD TAWES, Governor                     1993

and shall state the date of issue of the bonds offered, the total aggre-
gate par amount thereof, the schedule of maturities thereof, the
interest payable thereon, or the method of determining the same,
the purpose to which the proceeds thereof will be devoted, and the
general form thereof, including a statement whether said bonds will
be redeemable, will be in coupon or registered 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 the County or shall
indicate where such a statement may be obtained and, finally, shall
reserve unto the County the right to reject any or all bids received.
In lieu of 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 complete copy hereof.

Sec. 4. And be it further enacted, That the money so borrowed
for the library building FIRE ALARM SYSTEM AND THE FIRE
TRAINING PROGRAM described in said resolution above required,
in evidence of which any such bonds shall be issued, shall be used by
said County solely for the construction of a central fire alarm system
throughout the county and to finance a training program for firemen
in the County.

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 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 library 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
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
obligations so refunded. The powers herein granted with respect
to the issuance of bonds, and also the limitations herein on such
powers shall be applicable to the issuance of refunding bonds. Said

 

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Session Laws, 1963
Volume 671, Page 1993   View pdf image (33K)
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