|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1455
|
|
|
|
|
HARRY HUGHES, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SECTION 5. AND BE IT FURTHER ENACTED, That the County may
enter into an agreement or agreements with Frederick 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 said 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 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 thereof, or from Frederick
Memorial Hospital, Inc. or from any other source. If such funds
are available for the purpose of assisting the County or the
hospital in financing the construction of additions and
improvements to Frederick Memorial Hospital, taxes that might
otherwise be required to be levied under this Act may be reduced
or need not be levied.
|
|
|
|
|
|
|
|
|
|
SECTION 6. AND BE IT FURTHER ENACTED, That the County is
hereby authorized and empowered, at any time and from time to
time to issue its bonds in the manner hereinabove described for
the purpose of refunding, upon purchase or redemption, any bonds
issued hereunder. The validity of any such refunding bonds shall
in no way be dependent upon or related to the validity or
invalidity of the obligations so refunded. The powers herein
granted with respect to the issuance of bonds, and also the
limitations herein on such powers shall be applicable to the
issuance of refunding bonds. Said refunding bonds may be issued
by the County for the purpose of providing it with funds to
purchase in the open market any of its outstanding bonds issued
hereunder prior to the maturity thereof or for the purpose of
providing it with funds for the redemption at or prior to
maturity of any outstanding bonds issued hereunder which are by
their terms redeemable including the payment of any redemption
premium or interest accrued or to accrue thereon. The net
proceeds of any such refunding bonds shall be segregated and set
apart by the County as a separate trust fund to be used for the
purpose of paying the purchase or redemption prices of the bonds
to be refunded purposes described in this section. The county
may issue bonds for the purpose of refunding bonds hereunder
under the authority of this Act, the provisions of Section 24 of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
