Ch. 61                                      1995 LAWS OF MARYLAND

interest on the bonds, which may be at any bank or trust company within or without the
State of Maryland; the collateral, if any, to be pledged or assigned to the payment of the
principal of and interest on the bonds; and generally all matters incident to the terms,
conditions, issuance, sale and delivery thereof.

The County may enter into agreements with agents, banks, fiduciaries, insurers or
others for the purpose of enhancing the marketability of and security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds.

In case any officer whose signature appears on any bond ceases to be such officer
before delivery, the signature shall nevertheless be valid and sufficient for all purposes as
if the officer had remained in office until delivery. The bonds and their issue and sale
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland, as effective from time to time.

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 bonds.

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

SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of the bonds shall be used and applied exclusively and solely for financing the public
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 public 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 and cancellation of bonds, unless the Board in its discretion adopts a resolution
allocating the excess funds to the acquisition, construction, improvement, development,
rehabilitation, repair, furnishing or equipping of other public facilities.

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, 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

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