WILLIAM DONALD SCHAEFER, Governor Ch. 417

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 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.

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
and, in the event the proceeds from the taxes so levied in any
such fiscal year shall prove inadequate for such payment,
additional taxes shall be levied in the succeeding fiscal year to
make up any such deficiency. The County may apply to the payment
of the principal of and interest on any bonds issued hereunder
any funds received by it from the State of Maryland, the United
States of America, any agency or instrumentality thereof, or from
any other source, if such funds are granted for the purpose of
assisting the County in financing the construction, improvement,
or development of the public facilities defined in this Act and,
to the extent of any such funds received or receivable in any
fiscal year, the taxes that are required to be levied may be
reduced accordingly.

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