WILLIAM DONALD SCHAEFER, Governor                    Ch. 448

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 may not be exercised,
nor may any of the proceeds of the sale or bonds be used or
applied, in any manner that would cause any bonds, refunding
bonds, bond anticipation notes or other obligations issued under
this Act or in connection with this Act to be deemed private
activity bonds within the meaning of Section 103 and 141 through
150 of the Internal Revenue Code of 1986 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 under this Act 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, 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, 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 are in no way dependent upon or related to the
validity or invalidity of the obligations being refunded. The
powers granted under this Act with respect to the issuance of

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