BLAIR LEE III, Acting Governor

2179

capital accounts to be created for each such project, among
which said bond proceeds shall be divided and from which the
separate costs of each such project shall be paid. As soon
as each such project is completed, the special assessments
or other charges imposed or made by the [Commission] BOARD
with respect thereto shall be calculated in such manner as
to provide a proportion of the annual debt service on said
issue of bonds equal to the proportion of the proceeds of
said issue expended on such project. THE RESOLUTION
AUTHORIZING ANY BONES ISSUED PURSUANT TO THIS SUBTITLE TO
FINANCE A DRAINAGE SYSTEM ALSO SHALL IDENTIFY THE DRAINAGE
AREA ESTABLISHED PURSUANT TO SECTION 15-4A IN WHICH ANY
DRAINAGE SYSTEM IS TO BE BUILT AND STATE THE AMOUNT BEING
BORROWED FOR THE DRAINAGE AREA.

(c)    The County's full faith and credit and unlimited
taxing power shall be unconditionally pledged to the payment
of the principal of and interest on any bonds issued [by the
Commission] pursuant to this section. In the event that the
funds available to the [Commission] COUNTY from all sources
are insufficient to pay any bonds issued hereunder, together
with the interest due thereon, the Board, on behalf of the
County, in each and every fiscal year in which bonds are
outstanding shall levy and collect ad valorem taxes upon all
the legally assessable property within the corporate limits
of Carroll County in rate and amount sufficient to provide
for such payments when due, together with accrued interest
to the date of payment. In the event the proceeds from the
taxes so levied in any fiscal year are inadequate for the
above purposes, the Board, on behalf of the County, shall
levy additional taxes in the succeeding fiscal year to make
up any deficiency.

(d)    In addition to any other authorizations contained
in this subtitle, the Board is empowered and directed to
make payments to any municipality operating its own water,
sewerage or drainage [facilities] SYSTEMS in an amount equal
to the amount of ad valorem taxes levied and collected
within such municipality under other provisions of this
subtitle, provided that such payments shall be used solely
for the construction or maintenance of water, sewerage or
drainage [facilities] SYSTEMS within such municipality. The
Board is hereby authorized to impose additional ad valorem
taxes to provide for such payments but the imposition of
such taxes shall be discretionary with the Board and shall
be in addition to any other taxes or charges levied or
imposed under this subtitle. Nothing contained herein shall
be construed as imparing the unconditional pledge of the
[county's] COUNTY'S full faith and credit and unlimited
taxing power to the payment of the principal of and interest
on bonds issued under this subtitle; all taxes levied and
collected for the purpose of paying such principal and
interest shall be kept separate and apart from any other
revenues and receipts of the County and shall be used solely
and only for the purpose for which they were levied.

15-17.