Ch. 580                                     1993 LAWS OF MARYLAND

such collateral as the County directs in accordance with the terms and conditions of its
agreement or agreements with the Corporation, of the resolutions of the Board, and of
this Act, If the net proceeds of the sale of any issue of bonds exceeds the amount needed
to finance the public facilities hospital improvements 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 Board adopts a resolution allocating the
excess funds to the construction, improvement or development of other public facilities
hospital improvements.

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, in the event 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 agency or instrumentality of either, or from any other
source. If such funds are available for the purpose of assisting the County in financing the
public facilities, taxes that might otherwise be required to be levied under this Act may be
reduced or need not be levied to the extent that any such funds are received or receivable
in any fiscal year.

SECTION 5. AND BE IT FURTHER ENACTED, That it is the intent of this Act
that the County be vested with full discretion and authority to determine what portion, if
any, of the cost of any hospital improvements shall be paid from the proceeds of general
obligation bonds authorized pursuant to this Act and that the County may provide or
require such conditions for the loan of the proceeds of such bonds to the Corporation, as
the County deems necessary or appropriate, including (without limitation) provision for
the repayment from rates charged patients at the Hospital. The County is further
expressly authorized to agree that hospital improvements may be financed in whole or in
part from the proceeds of: (i) general obligation bonds issued pursuant to this Act or any
other act authorizing the issuance of general obligation bonds of the County for such
purpose, (ii) revenue bonds issued pursuant to any authority authorizing the issuance of
revenue bonds to finance the hospital improvements, or (iii) any combination of (i) and
(ii). In connection with such agreement (without in any way creating any limitation on the
discretion of the County), the County may further agree, in its discretion, that any interest
(actual or implied) of the County in the Hospital or in any receipts or assets of the
Hospital may be subordinated to the interests of the holders of any revenue bonds issued
to finance the hospital improvements, all as may be determined in the absolute discretion
of the County.

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