HARRY HUGHES, Governor                       1899

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.
The net proceeds of the sale of bonds may not be used for or
applied to any private property or private facilities located
within Dorchester County, particularly for the construction,
improvement, or development thereof. 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.

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, bond anticipation notes, or other obligations 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 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 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 funds are granted for the purpose of assisting the County in
financing the construction, improvement, or development of the
public facilities defined in this Act and, to the extent of any
such funds received or receivable in any fiscal year, 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 further 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 under this Act. The validity of any
refunding bonds shall in no way be dependent upon or related to