WILLIAM DONALD SCHAEFER, Governor Ch. 451

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 than 10 days before the sale
of the bonds.

Upon delivery of any bonds to the purchaser or purchasers,
payment therefor shall be made to the Treasurer of St. Mary'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 St. Mary's County before such 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 construction, improvement or development of public
facilities for which the bonds were sold. If the amounts
borrowed shall prove inadequate to finance the projects described
in the resolution the County may issue additional bonds with the
limitations hereof for the purpose of evidencing the borrowing of
additional funds for such financing, provided the resolution
authorizing the sale of additional bonds shall so recite, but if
the net proceeds of the sale of any issue of bonds exceeds the
amount needed to finance the projects 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 unless the County shall adopt a resolution allocating the
excess funds to the construction, improvement or development of
other public facilities, as defined and within the limits set
forth in this Act.

 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 or temporary bonds issued hereunder to be deemed private
activity bonds within the meaning of Sections 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 assure the payment, when due, of the principal of
and interest on all the bonds maturing in each such fiscal year

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