Ch. 452

LAWS OF MARYLAND

ARTICLE 31 OF THE ANNOTATED CODE OF MARYLAND (1986 REPLACEMENT
VOLUME AND 1988 CUMULATIVE SUPPLEMENT). ANY AND ALL BONDS ISSUED
UNDER THIS SUBTITLE, THEIR TRANSFER, THE INTEREST PAYABLE ON
THEM, AND ANY INCOME DERIVED FROM THEM FROM TIME TO TIME
(INCLUDING ANY PROFIT MADE IN THEIR SALE) SHALL BE AND HEREBY ARE
DECLARED TO BE AT ALL TIMES EXEMPT FROM STATE, COUNTY, MUNICIPAL
OR OTHER TAXATION OF EVERY KIND AND NATURE WHATSOEVER WITHIN THE
STATE OF MARYLAND.

15A-5.

THE PROCEEDS OF THE SALE OF THE BONDS SHALL BE PAID TO THE
COUNTY AND SHALL BE PLACED IN SUCH FUND OR ACCOUNT AS THE BOARD
DETERMINES TO BE APPROPRIATE. THE PROCEEDS NET OF ANY EXPENSES
OF ISSUANCE AND SALE OF THE BONDS SHALL BE EXPENDED FROM TIME TO
TIME FOR THE PURPOSES SPECIFIED IN SECTION 15A-3 UPON THE TERMS,
CONDITIONS, AND DOCUMENTATION AS THE BOARD MAY PROVIDE BY
RESOLUTION.

15A-6.

(A)   IN THE DISCRETION OF THE BOARD, THE PRINCIPAL OF AND
INTEREST ON ANY BONDS ISSUED UNDER THIS SUBTITLE MAY BE MADE
PAYABLE SOLELY FROM THE PROCEEDS OF SOLID WASTE COLLECTION OR
DISPOSAL RATES OR CHARGES IMPOSED UNDER THIS SUBTITLE, WHICH
REVENUES THE COUNTY IS HEREBY AUTHORIZED TO PLEDGE TO SUCH
PAYMENT. THE COUNTY MAY COVENANT TO FIX SUCH RATES AND CHARGES
FOR THE USE OF ANY SOLID WASTE PROJECT, OR THE SYSTEM OF WHICH IT
FORMS A PART, AS WILL GENERATE SUFFICIENT REVENUES TO PAY THE
ANNUAL COST OF MAINTENANCE AND OPERATION THEREOF AND TO PAY THE
MATURING PRINCIPAL OF AND INTEREST ON ANY BONDS ISSUED UNDER THIS
SUBTITLE WHEN DUE. BONDS SECURED AS PROVIDED IN THIS SUBSECTION
DO NOT CONSTITUTE AN OBLIGATION OF THE FAITH AND CREDIT OF THE
COUNTY BUT, ON THE CONTRARY, SHALL RECITE THAT THE PRINCIPAL AND
INTEREST THEREOF ARE PAYABLE SOLELY FROM THE REVENUES PRESCRIBED
IN THE RESOLUTION OR INDENTURE AUTHORIZING THE BONDS.

(B)   IF THE BOARD DETERMINES IT TO BE APPROPRIATE, THE
COUNTY MAY PLEDGE THE FULL FAITH AND CREDIT AND UNLIMITED TAXING
POWER OF THE COUNTY TO THE PAYMENT OF THE PRINCIPAL AND INTEREST
ON ALL OR ANY PART OF A SERIES OF BONDS ISSUED UNDER THIS
SUBTITLE. THOSE BONDS MAY BE SECURED AS PROVIDED IN THIS
SUBSECTION 15A-6(B) ONLY TO THE EXTENT THAT THE TOTAL OF THE PAR
VALUE OF SUCH BONDS, TOGETHER WITH ALL OTHER OUTSTANDING BONDED
INDEBTEDNESS OF THE COUNTY SECURED OR GUARANTEED BY THE FULL
FAITH AND CREDIT OF THE COUNTY, LESS THE AMOUNT OF ANY SINKING
FUNDS OR RESERVES FOR PAYMENT OF BONDS PREVIOUSLY ISSUED, DOES
NOT EXCEED 15 PERCENT OF THE TOTAL ASSESSED VALUATION OF ALL
PROPERTY IN CARROLL COUNTY SUBJECT TO UNLIMITED COUNTY TAXATION
DURING THE FISCAL YEAR OF THE COUNTY MOST RECENTLY CONCLUDED. IN
THE EVENT THAT THE FUNDS AVAILABLE TO THE COUNTY FROM ALL SOURCES
ARE INSUFFICIENT TO PAY ANY BONDS GUARANTEED UNDER THIS
SUBSECTION, TOGETHER WITH THE INTEREST DUE THEREON, THE BOARD, ON

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