2520

LAWS OF MARYLAND

Ch. 655

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 therefore 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 public facilities for which
the bonds are sold. If the net proceeds of the sale of any
issue of bonds exceeds the amount needed to finance the
public 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 public 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 bond anticipation notes
issued hereunder or in connection herewith 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 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
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
up any such deficiency. The County may apply to the payment
of the 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 of either, or from any other source, if such