322

LAWS OF MARYLAND

Ch. 149

QUALITIES AND INCIDENTS OF NEGOTIABLE INSTRUMENTS UNDER
THE LAWS OF THE STATE OF MARYLAND. THE ISSUANCE OF SUCH
BONDS SHALL NOT BE SUBJECT TO ANY LIMITATIONS OR
CONDITIONS CONTAINED IN ANY OTHER LAW, INCLUDING SECTIONS
9 TO 11, INCLUSIVE, OF ARTICLE 31 OF THE ANNOTATED CODE
OF MARYLAND (1971 REPLACEMENT VOLUME), AS AMENDED FROM
TIME TO TIME, AND THE COUNTY COMMISSIONERS MAY SELL SUCH
BONDS IN SUCH MANNER, EITHER AT PUBLIC OR AT PRIVATE
SALE, AND FOR SUCH PRICE, AT NOT LESS THAN PAP, AS THEY
MAY DETERMINE TO BE IN THE BEST INTEREST OF THE COUNTY.
BONDS ISSUED PURSUANT TO THE AUTHORITY OF THIS SECTION
SHALL BE AT ALL TIMES EXEMPT FROM STATE, COUNTY AND
MUNICIPAL TAXATION OF EVERY KIND WHATSOEVER IN THE STATE
OF MARYLAND. THIS SECTION SHALL BE CONSTRUED AS A
SPECIFIC GRANT OF AUTHORITY TO THE COUNTY COMMISSIONERS
TO ISSUE AND SELL SUCH BONDS IN THE MANNER HEREIN
PRESCRIBED.

(G) USE; ADDITIONAL BONDS; SURPLUS PROCEEDS. THE
PROCEEDS OF THE BONDS AUTHORIZED IN THIS SECTION SHALL BE
USED SOLELY FOR THE PAYMENT 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 COUNTY COMMISSIONERS MAY
PROVIDE IN THE AUTHORIZING RESOLUTION. IF THE PROCEEDS
OF SUCH BONDS, BY ERROR OF ESTIMATES 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 PONDS OF ANY ISSUE
SHALL EXCEED THE AMOUNT REQUIRED FOR THE PURPOSE FOR
WHICH SUCH BONDS SHALL HAVE BEEN ISSUED, THE SURPLUS
SHALL BE USED FOR: (I) THE RETIREMENT OF BONDS OF SUCH
ISSUE, AS IN THE AUTHORIZING RESOLUTION PROVIDED, OR, IN
THE ABSENCE OF SUCH PROVISION, (II) APPLICATION TO THE
NEXT MATURING PRINCIPAL PAYMENT ON SUCH BONDS; OR (III)
UPON ADOPTION OF A RESOLUTION BY THE COUNTY
COMMISSIONERS, OTHER PROJECTS WITHIN THE SPECIAL TAXING
DISTRICT OR DISTRICTS FOR WHICH SUCH BONDS WERE ISSUED;
OR (IV) THE PURCHASE OF BONDS OF THE SAME ISSUE OR SERIES
ON THE OPEN MARKET FOR SUCH PRICE AS THE COUNTY
COMMISSIONERS MAY DETERMINE TO BE IN THE BEST INTEREST OF
THE COUNTY, PROVIDED THAT NO PREMIUM IN EXCESS OF 5
PERCENT OF THE PAR VALUE OF SUCH BONDS SHALL BE PAID ON
THE PURCHASE OF SUCK BONDS AND BONDS SO PURCHASED SHALL
BE CANCELLED.

(H) INTERIM RECEIPTS; TEMPORARY OR REPLACEMENT
BONDS; REFUNDING BONDS. PRIOR TO THE PREPARATION OF
DEFINITIVE BONDS, THE COUNTY COMMISSIONERS MAY, UNDER
LIKE RESTRICTIONS, ISSUE INTERIM RECEIPTS OR TEMPORARY
BONDS, WITH OR WITHOUT COUPONS, EXCHANGEABLE FOR
DEFINITIVE BONDS WHEN SUCH BONDS HAVE BEEN EXECUTED AND
ART AVAILABLE FOR DELIVERY. THE COUNTY COMMISSIONERS MAY
ALSO PROVIDE BY RESOLUTION FOR THE REPLACEMENT OF ANY