WILLIAM DONALD SCHAEFER, Governor                            Ch. 539

(2) NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE
STATE OR THE DEPARTMENT IS PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF
OR THE INTEREST ON THEM.

(D) BONDS ISSUED UNDER THIS SUBTITLE ARE OBLIGATIONS OF THE
PARTICIPATING COUNTIES.

3-514.

(A)     SUBJECT TO § 3-515 OF THIS SUBTITLE, THE DEPARTMENT MAY ALLOW
ANY COUNTY IN THIS STATE TO PARTICIPATE IN AN ISSUE OF BONDS UNDER THIS
SUBTITLE.

(B)      ON THE DATE DESIGNATED BY THE DEPARTMENT, A COUNTY THAT
DESIRES TO PARTICIPATE SHALL NOTIFY THE DEPARTMENT OF:

(1)      ITS DESIRE TO PARTICIPATE IN THE PROCEEDS OF THE NEXT SERIES
OF BONDS TO BE ISSUED UNDER THIS SUBTITLE;

(2)      THE PROPOSED AMOUNT OF ITS PARTICIPATION; AND

(3)      A DESCRIPTION OF THE REVENUES TO BE PLEDGED BY THE
COUNTY TO PAY DEBT SERVICE ON THE BONDS.

(C)      THE DEPARTMENT MAY EXTEND THE DATE FOR NOTIFICATION WHEN
APPROPRIATE.

3-515.

(A)     AFTER NOTIFICATION BY THE COUNTY, THE DEPARTMENT SHALL
DETERMINE THE TOTAL AMOUNT OF BONDS THAT IT SHOULD ISSUE UNDER THIS
SUBTITLE ON BEHALF OF PARTICIPATING COUNTIES, GIVING CONSIDERATION TO
THE AMOUNT OF REVENUES FROM EACH COUNTY AVAILABLE TO PAY DEBT
SERVICE ON THE BONDS.

(B)      (1) AFTER MAKING ALL NECESSARY DETERMINATIONS, THE
DEPARTMENT SHALL NOTIFY THE COUNTIES OF THE AMOUNT OF BONDS OF THE
NEXT SERIES THAT THE DEPARTMENT WILL ISSUE ON BEHALF OF THE COUNTIES.

(2) THE DEPARTMENT SHALL THEN ISSUE AND SELL THAT AMOUNT OF
BONDS UNDER THIS SUBTITLE AS A PART OF THE NEXT SERIES OF BONDS AND
SHALL DISBURSE THE NET PROCEEDS OF THAT AMOUNT OF THE BONDS PURSUANT
TO APPROPRIATE AGREEMENTS WITH THE PARTICIPATING COUNTIES, AFTER
DEDUCTING THE COUNTIES' PROPORTIONATE SHARE OF THE COST OF THE
ISSUANCE OF THE BONDS AND THE APPROPRIATE SHARE OF THE DEPARTMENT'S
COSTS OF ADMINISTERING THE PROGRAM ESTABLISHED UNDER THIS SUBTITLE
WHICH IS ATTRIBUTABLE TO EACH BOND ISSUE.

3-516.

(A) IN ITS DISCRETION, THE DEPARTMENT MAY LIMIT THE PARTICIPATION
OF ANY COUNTY IN ANY SERIES OF BONDS.

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