WILLIAM DONALD SCHAEFER, Governor                    Ch. 698

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 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 Washington
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 Washington 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 County may, by resolution of the County Commissioners,
loan or grant to the Board of Trustees of Hagerstown Junior
College the proceeds of any bonds issued under the authority of
this Act to finance the public facilities described in Section 1
of this Act. The County may enter into an agreement with the
Board of Trustees of Hagerstown Junior College, or any other
person or entity the County Commissioners may determine is
necessary or appropriate, in connection with the loan or grant or
otherwise in connection with the issuance of bonds to finance the
public facilities described in Section 1 of this Act, including
any loan agreement providing for the repayment of any such loan
at such rate or rates of interest the County Commissioners deem
reasonable.

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

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