1826                             Laws of Maryland                        Ch 652

whether the same will be registrable 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 re-
ceived. 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 thereof.

Sec. 4. And be it further enacted, That, the money so borrowed
for the public schools or community colleges described in said res-
olution above required, in evidence of which any such bonds
shall be issued, shall be (i) applied by the County, to the extent
required, to pay the principal of and not exceeding twelve months'
interest on (accounting from the original date of issue thereof) any
bond anticipation notes issued to finance projects to the locations set
forth in this Act whether issued pursuant to this Act or to any
other authority, and thereupon (ii) as to any bond proceeds then
remaining, paid by the County to the appropriate governing board
or boards of such schools or community colleges and, by said board
or boards, shall be used exclusively and solely for such public
schools or community colleges. In the event the amounts so borrowed
shall prove inadequate for the financing (including the payment
of bond anticipation notes as herein provided) 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 schools or community colleges described in said
resolution, the excess funds so borrowed and not expended by the
governing board or boards of such schools or community colleges
shall be returned to the County by such board or boards 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.

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 property
within the corporate limits of the County in rate and amount suffi-
cient to provide for the payment, when due, of the interest and prin-
cipal 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