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MARVIN MANDEL, Governor 3479
money so borrowed for the public facilities described in
said resolution above required, in evidence of which any
such bonds shall be issued, shall be paid to the
Treasurer of Charles County (or to such other official of
the County designated to receive such payment in a
resolution adopted by the County before such delivery)
and shall be used exclusively and solely for financing
such public facilities, and the payment of all expenses,
including but not limited to advertising, printing and
legal fees, incurred in the issuance and sale of any
bonds hereunder. In the event the amounts so borrowed
shall prove inadequate for the financing of any such
public facilities, the County may, at any time, issue
additional bonds within the limitations hereof for the
purpose of evidencing the borrowing of additional funds
for any such public facilities, 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 facilities described in said resolution, the
excess funds so borrowed shall be 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 such excess
funds to other public facilities of the same general type
or class as the public facilities for which the funds
were borrowed.
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SECTION 5. AND BE IT FURTHER ENACTED, That the
bonds hereby authorized 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
sufficient to provide for the payment, when due, of the
interest on 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 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 the
construction of the public facilities as defined herein,
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.
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