1652                             LAWS OF MARYLAND                        [CH. 754

paid on the redemption of any bonds prior to maturity. Said bonds
shall be issued under the signature and seal of the Commission and
shall be guaranteed as to payment of principal and interest by the
county, which guarantee shall be endorsed on each of said bonds in
the following language: "The payment of interest when due and the
principal at maturity is guaranteed by the County Commissioners of
Carroll County, Maryland." Such endorsement shall be signed on
each of said bonds by the chief executive officer of the County, with
the seal of the County affixed thereto attested by the signature of the
Administrative Assistant to the County within ten days after the
bonds are presented by the Commission to the County for such en-
dorsement. At any time prior to the issuance of any such bonds the
County may, in addition to any sums appropriated under any other
provision of law, advance to the Commission such sums as may be
necessary to cover the expense of issuance of such bonds, which shall
be treated and repaid as part of the cost of the project or projects
financed with the proceeds of any such bonds.

(b)     The proceeds of such bonds shall be used solely for the pay-
ment of the cost of the project or projects on account of which such
bonds are issued and shall be disbursed in such manner and under
such restrictions, if any, as the Commission may provide in the au-
thorizing resolution. If the proceeds of such bonds, by error of esti-
mates or otherwise, shall be less than such cost, additional bonds may
in like manner be issued to provide the amount of such deficit, and,
unless otherwise provided in the authorizing resolution, shall be
deemed to be of the same issue and shall be entitled to payment
from the same fund without preference or priority of the bonds first
issued for the same purpose. If the proceeds of the bonds of any issue
shall exceed the amount required for the purpose for which such
bonds shall have been issued, the Commission may, by appropriate
resolution, apply such surplus to payment of the cost of an additional
project or projects or such surplus shall be used for the retirement of
bonds of such issue, as in the authorizing resolution provided. In
every case where the proceeds of any such issue of bonds shall be
expended for the cost of one or more projects, the Commission shall
cause separate capital accounts to be created for each such project,
among which said bond proceeds shall be divided and from which the
separate costs of each such project shall be paid. As soon as each
such project is completed, the special assessments or other charges
imposed or made by the Commission with respect thereto shall be
calculated in such manner as to provide a proportion of the annual
debt service on said issue of bonds equal to the proportion of the
proceeds of said issue expended on such project.

(c)     The County's full faith and credit and unlimited taxing power
shall be unconditionally pledged to the payment of the principal of
and interest on any bonds issued by the Commission pursuant to this
section. In the event that the funds available to the Commission
from all sources are insufficient to pay any bonds issued hereunder,
together with the interest due thereon, the Board, on behalf of the
County, in each and every fiscal year in which bonds are outstanding
shall levy and collect ad valorem taxes upon all the legally assessable
property within the corporate limits of Carroll County in rate and
amount sufficient to provide for such payments when due, together
with accrued interest to the date of payment. In the event the pro-
ceeds from the taxes so levied in any fiscal year are inadequate for