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S.B. 515
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VETOES
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In case any officer whose signature appears on any bond ceases to be such
officer before delivery, the signature shall nevertheless be valid and sufficient for all
purposes as if the officer had remained in office until delivery. The bonds and their
issue and sale shall be exempt from the provisions of Sections 9, 10, and 11 of Article
31 of the Annotated Code of Maryland, as amended.
If the County determines in the resolution to offer any of the bonds by
solicitation of competitive bids at public sale, the resolution shall fix the terms and
conditions of the public sale and shall adopt a form of notice of sale, 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 10 days before the sale of bonds.
Upon delivery of any bonds to the purchaser or purchasers, payment shall be
made to the Treasurer of Cecil County or such other official of the County as may be
designated to receive payment in a resolution passed by the County Commissioners of
Cecil County before 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 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 adopts a resolution allocating
the excess funds to the construction, improvement, or development of other public
facilities.
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 fiscal year
prove inadequate for such payment, additional taxes shall be levied in the succeeding
fiscal year to make up any deficiency. The County may apply to the payment of the
principal of and interest on any bonds issued under this Act 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 funds are granted for the
purpose of assisting the County in financing the construction, improvement,
development, or renovation of the public facilities defined in this Act and, to the
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- 3146 -
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