Ch. 478

LAWS OF MARYLAND

of securing any tender option that may be granted to holders of
the bonds.

In case any officer whose signature appears on any bond
ceases to be such officer before delivery, the signature shall
nevertheless be valid and sufficient for all purposes as if the
officer had remained in office until delivery. The bonds and
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 as effective from time to time.

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 Garrett County or such
other official of the County as may be designated to receive
payment in a resolution passed by the Board of County
Commissioners of Garrett 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 facility capital projects 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.

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

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