Ch. 43

1995 LAWS OF MARYLAND

(but need not) state as security for the performance by the County of any monetary
obligations under such agreements the same security given by the County to bondholders
for the performance by the County of its monetary obligations under the bonds.

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 10 days before the sale of the bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment therefor shall
be made to the Treasurer of Calvert County or such other official of the County as may be
designated to receive such payment in a resolution passed by the County Commissioners
of Calvert County before such delivery.

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for the acquisition,
construction, improvement, or development of public facilities for which the bonds are
sold. If the amounts borrowed shall prove inadequate to finance the projects described in
the resolution, the County may issue additional bonds with the limitations hereof for the
purpose of evidencing the borrowing of additional funds for such financing, provided the
resolution authorizing the sale of additional bonds shall so recite, but if the net proceeds
of the sale of any issue of bonds exceeds the amount needed to finance the projects
described in the resolution, the excess funds so borrowed and not expended 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 County shall adopt a resolution allocating the excess
funds to the acquisition, construction, improvement, or development of other public
facilities, as defined and within the limits set forth in this Act.

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 assure 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 such fiscal year shall 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 thereof, or from
any other source, if such funds are granted for the purpose of assisting the County in

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