WILLIAM DONALD SCHAEFER, Governor                         Ch. 283

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 ten (10) days before the sale of the bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment shall be made
to the Director of the Department of Finance of Carroll County or such other official of
Carroll County as may be designated to receive payment in a resolution passed by the
County before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the loan by the County
to the Hospital shall be evidenced by a Loan Agreement authorized by resolution of the
County, which resolution shall authorize the loan and form of Loan Agreement and
empower the County to enter into such Loan Agreement, and which may empower the
County to enter into or accept related security agreements and specify the form of any
such agreements.

SECTION 5. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for the cost of construction
or acquisition of hospital facilities 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 cost of construction
or acquisition of hospital 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 of
cancellation of bonds, as the County may determine to be in its best interest; provided,
however, that if the County subsequently adopts a resolution allocating such excess funds
to the cost of construction or acquisition of additional hospital facilities, such excess funds
shall be used for such purposes.

SECTION 6. 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, if 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 hereunder any funds received by it as loan payments from the Hospital
pursuant to the Loan Agreement described in Section 1 of this Act, and 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 granted for the
purpose of assisting the County in financing the cost of construction or acquisition of

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