2400

LAWS OF MARYLAND

Ch. 431

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 therefor shall be made to the Director of Finance of
Charles County or such other official of the County as may be
designated to receive such payment in a resolution adopted by the
Board before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds
of the sale of the bonds shall be used and applied exclusively
and solely for financing the public facilities. 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, as the County may determine to be in its best interest.

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, in the event 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 funds are available for the purpose of
assisting the County in financing the public facilities defined
in this Act, taxes that might otherwise be required to be levied
under this Act may be reduced or need not be levied to the extent
that any such funds are received or receivable in any fiscal
year.