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Ch. 145
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2005 LAWS OF MARYLAND
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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 may 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. Upon delivery of any
bonds to the purchaser or purchasers, payment therefor shall be made to the
Treasurer of Frederick County or such other official of Frederick County as may be
designated to receive such payment in a resolution passed by the County
Commissioners of Frederick County before delivery. For purposes of issuance and
sale, bonds authorized hereunder may be consolidated into a single issue with any
other bonds authorized to be issued by the County.
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
or to finance the payment of any unfunded liability of the County to the State
Retirement and Pension System of Maryland 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 or to finance the payment of any unfunded
liability of the County to the State Retirement and Pension System of Maryland, 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 costs 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 Frederick 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 each such fiscal year and, in the event the proceeds from the taxes so
levied in any such fiscal year shall 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 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 extent of any such funds received or receivable in any fiscal
year, the taxes that might otherwise 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
further authorized and empowered, at any time and from time to time, to issue its
- 984 -
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