HARRY HUGHES, Governor

2307

authority authorizing the issuance of revenue bonds to
finance the hospital improvements, or (iii) any combination
of (i) and (ii); in connection with such agreement (without
in any way creating any limitation on the discretion of the
County) the County may further agree, in its discretion,
that any interest (actual or implied) of the County in the
Hospital or in any receipts or assets of the Hospital may be
subordinated to the interests of the holders of any revenue
bonds issued to finance the hospital improvements, all as
may be determined in the absolute discretion of the County.

SECTION 5. AND BE IT FURTHER ENACTED, That the County
may enter into an agreement or agreements with Physicians
Memorial Hospital, Inc. pursuant to which that corporation
shall be required to make periodic payments from the
Hospital's revenues or other assets to the County at such
times and in such amounts to assure the timely payment of
the maturing principal of and interest on the bonds and any
expenses of the County in connection therewith. However,
the bonds 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 and 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 assure the payment,
when due, of the principal of and interest on all the bonds
maturing in such fiscal year and, if the Hospital revenues
or 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 up
any such deficiency. The County may apply to the payment of
the principle 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 available for the purpose of assisting
the County or the Hospital in financing the hospital
improvements, taxes that might otherwise be required to be
levied under this Act may be reduced or need not be levied
to the extent that any such funds are received or receivable
in any fiscal year.

SECTION 6. AND BE IT FURTHER ENACTED, That the County
may, prior to the preparation of definitive bonds, issue
interim certificates or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds
have been executed and are available for delivery, provided,
however, that any such interim certificates or temporary
bonds shall be issued in all respects subject to the
restrictions and requirements set forth in this Act. The
County may, by appropriate resolution of the Board, provide
for the replacement of any bonds issued hereunder which
shall have become mutilated or be lost or destroyed upon
such conditions and after receiving such indemnity as the
County may require.