WILLIAM DONALD SCHAEFER, Governor

Ch. 92

(5) As soon as each project is completed, the special assessments or other
charges imposed or made by the Commission with respect to the project shall be calculated in
whatever manner as to provide a proportion of the annual debt service on the issue of bonds
equal to the proportion of the proceeds of the issue expended on the project.

(C) THE FULL FAITH AND CREDIT AND UNLIMITED TAXING POWER OF THE
COUNTY SHALL BE UNCONDITIONALLY PLEDGED TO THE PAYMENT OF ITS GUARANTEE
OF THE PRINCIPAL OF AND INTEREST ON ANY BONDS ISSUED PURSUANT TO THIS
SECTION.

(D) (1) IN ORDER TO PROVIDE THE DISTRICT WITH FUNDS TO WHOLLY OR
PARTIALLY PAY THE MATURING PRINCIPAL OF OR INTEREST ON ANY BONDS ISSUED IN
ACCORDANCE WITH THIS SECTION BY THE DISTRICT FOR A PROJECT OR PROJECTS IN A
SUBDISTRICT, THE COUNTY, WHEN REQUESTED BY THE COMMISSION, SHALL LEVY
ANNUALLY UPON ALL PROPERTY SUBJECT TO UNLIMITED COUNTY TAXATION IN THAT
SUBDISTRICT AN AD VALOREM TAX IN A RATE AND AMOUNT SUFFICIENT TO PROVIDE
THE FUNDS NEEDED BY THE COMMISSION FOR SUCH PURPOSE.

(2) IN THE EVENT THAT THE FUNDS AVAILABLE TO THE DISTRICT FROM
ALL SOURCES ARE INSUFFICIENT TO PAY ANY BONDS ISSUED UNDER THIS SECTION,
TOGETHER WITH THE INTEREST DUE THEREON, THE COUNTY, IN EACH AND EVERY
FISCAL YEAR IN WHICH BONDS ARE OUTSTANDING, SHALL LEVY AND COLLECT AD
VALOREM TAXES UPON ALL THE LEGALLY ASSESSABLE PROPERTY WITHIN THE
CORPORATE LIMITS OF WASHINGTON COUNTY AT A RATE AND IN AN AMOUNT
SUFFICIENT TO PROVIDE FOR SUCH PAYMENTS WHEN DUE, TOGETHER WITH ACCRUED
INTEREST TO THE DATE OF PAYMENT. IN THE EVENT THE PROCEEDS FROM THE TAXES
SO LEVIED IN ANY FISCAL YEAR ARE INADEQUATE FOR THE ABOVE PURPOSES, THE
COUNTY SHALL LEVY ADDITIONAL TAXES IN THE SUCCEEDING FISCAL YEAR TO MAKE
UP ANY DEFICIENCY.

6-403.

(A) AS A METHOD OF FINANCING THE COST OF CONSTRUCTING A PROJECT IN
ONE OR MORE SUBDISTRICTS, THE DISTRICT MAY BORROW MONEY FROM A BANK AND
ISSUE AND DELIVER TO SUCH BANK NOTES OR BONDS OF THE DISTRICT TO EVIDENCE
SUCH BORROWING.

(B) THE NOTES OR BONDS ISSUED UNDER SUBSECTION (A) OF THIS SECTION ARE
OF THE DISTRICT BUT ARE NOT GUARANTEED BY THE COUNTY.

(C)     ALL NOTES OR BONDS ISSUED BY THE DISTRICT UNDER SUBSECTION (A) OF
THIS SECTION SHALL CONSTITUTE OBLIGATIONS OF THE DISTRICT WHICH THE
DISTRICT SHALL PAY IN FULL.

(D)     (1) WHERE THE PROCEEDS OF THE NOTE OR BOND ARE EXPENDED FOR
THE COSTS OF ONE OR MORE PROJECTS, THE COMMISSION SHALL CREATE A SEPARATE
CAPITAL ACCOUNT FOR EACH PROJECT.

(2) THE NOTE OR BOND PROCEEDS SHALL BE DIVIDED AMONG THE
SEPARATE CAPITAL ACCOUNTS AND THE SEPARATE COSTS OF EACH PROJECT SHALL BE
PAID FROM THE SEPARATE CAPITAL ACCOUNTS.

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