WILLIAM DONALD SCHAEFER, Governor                            Ch. 222

(2) A COUNTY MAY FROM TIME TO TIME ENTER INTO AN AGREEMENT
OR AGREEMENTS WITH ONE OR MORE OTHER COUNTIES TO PROVIDE FOR THE
ISSUANCE AND SALE ON A CONSOLIDATED BASIS OF NOTES IN ANTICIPATION OF
THE RECEIPT OF ALL OR PART OF THE AGGREGATE STATE SHARES OF THE
PARTICIPATING COUNTIES.

(C) (1) THE PRINCIPAL OF THE NOTES MAY BE PAID FROM:

(I)       THE PROCEEDS OF ALL OR PART OF THE STATE SHARE FOR A
COUNTY; OR

(II)     ANY OTHER REVENUES THAT ARE PLEDGED TO THE PAYMENT
OF THE NOTES IN THE AUTHORIZING RESOLUTION.

(2)      THE INTEREST ON THE NOTES MAY BE PAID FROM ANY REVENUES,
OTHER THAN THE PROCEEDS OF THE STATE SHARE FOR A COUNTY, THAT ARE
PLEDGED TO THE PAYMENT OF THE NOTES IN THE AUTHORIZING RESOLUTION.

(3)      (I) THE COUNTY MAY PLEDGE ITS FULL FAITH, CREDIT, AND
TAXING POWER TO THE PAYMENT OF THE PRINCIPAL AND INTEREST ON THE NOTES
IN THE AUTHORIZING RESOLUTION.

(II)     IF THE COUNTY MAKES A PLEDGE UNDER THE PROVISIONS OF
THIS PARAGRAPH, IN EACH FISCAL YEAR THAT ANY OF THE NOTES ARE
OUTSTANDING, THE COUNTY SHALL LEVY OR CAUSE TO BE LEVIED AD VALOREM
TAXES ON ALL THE ASSESSABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE
COUNTY IN RATE AND AMOUNT SUFFICIENT TO PROVIDE FOR OR ASSURE THE
PAYMENT OF, WHEN DUE, THE PRINCIPAL AND INTEREST ON THE NOTES MATURING
IN EACH FISCAL YEAR.

(III)    IF THE PROCEEDS FROM THE TAXES LEVIED IN ANY FISCAL
YEAR PROVE INADEQUATE FOR THE PAYMENT, THE COUNTY SHALL LEVY OR
CAUSE TO BE LEVIED ADDITIONAL TAXES IN THE SUCCEEDING FISCAL YEAR TO
MAKE UP ANY DEFICIENCY.

(4)      IN ADDITION TO THE STATE SHARE ALLOCATED UNDER THIS
SECTION FOR PUBLIC SCHOOL CONSTRUCTION AND PUBLIC SCHOOL CAPITAL
IMPROVEMENTS, A COUNTY MAY APPLY TO THE PAYMENT OF THE PRINCIPAL OF
ANY NOTES ISSUED UNDER THIS SECTION FUNDS GRANTED OR OTHERWISE MADE
AVAILABLE TO THE COUNTY FOR FINANCING THE CONSTRUCTION AND
IMPROVEMENTS BY:

(I) THE STATE OR AN AGENCY OR INSTRUMENTALITY OF THE
STATE;

(II) THE FEDERAL GOVERNMENT OR AN AGENCY OR
INSTRUMENTALITY OF THE FEDERAL GOVERNMENT; OR

(III) ANY OTHER SOURCE.

- 1647 -