Ch. 383

LAWS OF MARYLAND

The County may enter into agreements with agents, banks,
fiduciaries, insurers or others for the purpose of enhancing the
marketability of and security for the bonds and for the purpose
of securing any tender option that may be granted to holders of
the bonds.

In case any officer whose signature appears on any bond
ceases to be such -officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all
purposes as if the officer had remained in office until such
delivery. The bonds and the issuance and sale thereof shall be
exempt from the provisions of Sections 10 and 11 of Article 31 of
the Annotated Code of Maryland (1986 Replacement Volume), as
amended from time to time.

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 then 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, 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.

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

    - 2006 -