Ch. 205                             MARVIN MANDEL, Governor                                 337

In the event the County determines in the resolution to offer any of the bonds
by solicitation of competitive bids at public sale, the resolution shall fix the terms
and conditions of the public sale 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 investment 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.

SECTION 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 hereunder 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.

SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, any 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
County in public school construction, and, to the extent of any such funds received
or receivable in any fiscal year the taxes hereby required to be levied may be
reduced proportionately.