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Session Laws, 1965
Volume 676, Page 1070   View pdf image (33K)
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1070                            LAWS OF MARYLAND                      [CH. 734

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 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 Harford County and, by said Board, shall

be used COUNTY COMMISSIONERS OF HARFORD COUNTY
AND THE BOARD OF EDUCATION OF HARFORD COUNTY,
TO BE USED IN THE JOINT DISCRETION OF THE MEMBERS
OF SAID COUNTY COMMISSIONERS AND THE BOARD OF
EDUCATION AND UNDER THEIR JOINT SUPERVISION AND
DIRECTION AND SUBJECT TO THEIR JOINT ORDER, exclu-
sively and solely for such public school or schools and Community
College or Colleges. In the event the amounts so borrowed shall prove
inadequate for the financing of any such public schools or Commu-
nity Colleges, at any time, the County may issue additional bonds
within the limitations hereof for the purpose of evidencing the bor-
rowing 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 Colleges described in said
resolution, the excess funds so borrowed and not expended by the
COUNTY COMMISSIONERS AND THE Board of Education shall
be returned to the County by said Board THEM 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
resolution allocating said excess funds to some other part of the
school or Community College construction program of said AUTHOR-
IZED JOINTLY BY THE COUNTY COMMISSIONERS AND THE
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 assess-
able 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 public school or Community College construction, and to

 

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Session Laws, 1965
Volume 676, Page 1070   View pdf image (33K)
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