HARRY HUGHES, Governor

129

which shall outline the 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, payment therefor shall be made to the Treasurer
of Caroline County or such other official of the County as
may be designated to receive such payment in a resolution
passed by the Board of County Commissioners of Caroline
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 jail facilities for which the
bonds are sold. If the net proceeds of the ale of any
issue of bonds exceeds the amount needed to finance the
jail facilities described in the 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 which have been made
redeemable or to the purchase and cancellation of bonds,
unless the County shall adopt a resolution allocating the
excess funds to the construction, improvement or development
of other jail facilities, as defined and within the limits
set forth in this Act.

The authority granted under this Act shall not be
exercised, nor shall any of 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, an 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 the bonds as ana
when they become payable. 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 or
assume the payment, when due, of the Principal of and
interest on all the bonds maturing in each such fiscal year
and, if the proceeds from the taxes so levied in any such
fiscal year prove inadequate for such payment, additional
taxes shall be levied in the succeeding fiscal year to make