Ch. 412

LAWS OF MARYLAND

their issue and sale shall be exempt from the provisions of
Sections 9, 10, and 11 of Article 31 of the Annotated Code of
Maryland.

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 than 10 days before the sale
of bonds.

Upon delivery of any bonds to the purchaser or purchasers,
payment shall be made to the Treasurer of Queen Anne's County or
such other official of the County as may be designated to receive
payment in a resolution passed by 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 school 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 school 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.

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

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