WILLIAM DONALD SCHAEFER, Governor

Ch. 507

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 Treasurer of Dorchester County or such other officials of the County as may be
designated to receive payment in a resolution passed by the County before delivery.

SECTION 4. AND BE IT FURTHER ENACTED, The net proceeds of the sale of
the bonds shall be used and applied exclusively and solely for the public school
construction in Dorchester County for which the bonds are sold. If the net proceeds of
the sale of any issue of bonds exceed the amount needed to finance the public school
construction 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, as the
County may determine to be in its best interest, unless the County shall adopt a resolution
allocating the excess funds to other public school construction.

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 such deficiency. The County may apply to the payment of the principal of and interest
on any bonds issued hereunder 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
public school construction defined in this Act and, to the extent of any such funds
received or receivable in any fiscal year that the County determines to apply to payments
of the principal of or interest on the bonds, taxes that might otherwise be required to be
levied under this Act may be reduced proportionately or need not be levied.

SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
further authorized and empowered, at any time and from time to time, to issue its bonds
in the manner hereinabove described for the purpose of refunding, by payment at
maturity or the purchase or redemption of bonds in advance of maturity any bonds issued
under this Act. The validity of any refunding bonds shall in no way be dependent upon or
related to the validity or invalidity of the obligations being refunded. The powers herein
granted with respect to the issuance of bonds shall be applicable to the issuance of
refunding bonds. Such refunding bonds may be issued by the County for the purpose of
providing it with funds to pay any of its outstanding bonds issued under this Act at
maturity, for the purpose of providing it with funds to purchase in the open market any of
its outstanding bonds issued under this Act prior to their maturity, for the purpose of
providing it with funds to redeem prior to maturity any outstanding bonds issued under

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