450                               Laws of Maryland                      [Ch. 181

and shall adopt a form of notice of sale, which shall outline said
terms and conditions, and a form of advertisement which shall be
published in one or more daily or weekly newspapers having a general
circulation in the County and which may also be published in one or
more journals having a circulation primarily among banks and in-
vestment bankers. At least one publication of the advertisement
shall be made not less than ten (10) days before the sale of bonds.

Upon delivery of any bonds to the purchaser or purchasers thereof,
payment therefor shall be made to the County Treasurer or to such
other official of the County designated to receive such payment in a
resolution passed by the Board of County Commissioners of the
County before such delivery.

Sec. 4. And be it further enacted, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for
the construction and development of the public facilities for which
the bonds were sold. In the event the amounts so borrowed shall
prove inadequate to financing the construction and development of
the public facilities described in the resolution, the County may issue
additional bonds within the limitations hereof for the purpose of
evidencing the borrowing of additional funds for such financing,
provided the resolution for authorizing the additional bonds shall so
recite, but if the net proceeds of the sale of any issue of bonds shall
exceed the amount needed to finance the construction and development
of the public facilities described in said resolution, the excess funds
so borrowed and not expended shall be applied to the payment of the
next principal maturity of the bonds or to the redemption of any
part of the bonds, if the same shall have been made redeemable,
unless the County shall adopt a resolution allocating the excess funds
to the construction or development of other public facilities, as
defined and within the limits set forth in the Act. The authority
granted under this Act shall not be exercised, nor shall the proceeds
of the sale of bonds be used or applied, in any manner which would
cause any bonds, refunding bonds or temporary bonds issued here-
under to be deemed "industrial development bonds" or "arbitrage
bonds" within the meaning of Section 103 of the Internal Revenue
Code of 1954 or the regulations prescribed thereunder.

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 of and interest on such
bonds as and when the same respectively mature. In each and every
fiscal year that any of the 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
principal of and interest on all the 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 such payment,
additional taxes shall be levied in the succeeding fiscal year to make
up any such deficiency. The County may apply to the payment of
the principal of and interest on 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