HARRY HUGHES, Governor                                         293

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 therefor shall be made to the Treasurer of Queen Anne's
County or such other official of the County as may be designated
to receive such payment in a resolution passed by the Board of
County Commissioners of Queen Anne's 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.

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 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 or either, or from any other
source. If such funds are granted for the purpose of assisting
the County in financing the design, construction, equipping, or
furnishing of the public facilities defined in this Act and, to
the extent of any such funds received or receivable in any fiscal