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Session Laws, 1972
Volume 708, Page 896   View pdf image
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896                              Laws of Maryland                      [Ch. 316

state the date of issue of the bonds offered, the total aggregate
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 re-
deemable, will be in coupon or registered form, and 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 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 thereof.

Sec. 4. And be it further enacted, That the money so so borrowed
for the development of the court house described in the above re-
quired resolution, in evidence of which any such bonds shall be issued,
shall be paid by the County to the County Commissioners of Harford
County, to be used in the discretion of the members of said County
Commissioners and under their supervision and direction and sub-
ject to their order, exclusively and solely for the development of
the court house and appurtenant facilities and equipment as are
herein authorized. In the event the amounts so borrowed shall prove
inadequate for the financing of the development of the court house
at any time the County may issue additional bonds within the limita-
tions hereof for the purpose of evidencing the borrowing of addi-
tional funds for the development of the court house, 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 development of the court
house as described in said resolution, the excess funds so borrowed
and not expended by the County Commissioners shall be returned
to the County by them and applied by said County in payment of
the next principal maturity of the bonds so issued or to the redemp-
tion 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 program for the develop-
ment of the court house authorized by the County Commissioners.

Sec. 5. And be it further enacted, That the bonds hereby author-
ized shall constitute, and they shall so recite, the 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

 

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Session Laws, 1972
Volume 708, Page 896   View pdf image
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