Ch. 86

1995 LAWS OF MARYLAND

and interest. The issuance of the bonds is not subject to any limitations or conditions
contained in any other law and the [Commission] COUNTY may sell the bonds in the
manner, either at public or private sale, and for the price it determines to be for the best
interest of [the District and] the county.

(5) The bonds shall be issued under the signature and seal of [the District
and] the county [shall guarantee the payment of principal and interest as follows: "The
payment of interest when due and the principal at maturity is guaranteed by the County
Commissioners of Washington County, Maryland." The guarantee shall be endorsed and
signed on each of the bonds by the chief executive officer of the county, with the seal of
the county affixed to it and attested by the signature of the Clerk of the County, within 10
days after the bonds are presented by the Commission to the county for endorsement. At
any time before the issuance of bonds the county, in addition to sums previously
appropriated, may advance to the Commission money necessary to cover the]. THE
expense of issuance of the bonds and the expenses incurred under [§ 6-206 of] this
title[, which shall] MAY be treated and repaid as part of the cost of the project or
projects financed with the proceeds of the bonds.

(b)     (1) The proceeds of the bonds shall be used solely for the payment of the
cost of the project or projects for which the bonds are issued and shall be disbursed in the
manner and under the restrictions, if any, as provided by the [Commission] COUNTY in
the authorizing resolution.

(2)     If the cost of the project exceeds the proceeds from the bonds, by error
of estimates or otherwise, additional bonds may be issued to cover the amount of the
deficit. Unless otherwise provided in the authorizing resolution, the additional bonds
shall be deemed to be of the same issue and shall be entitled to payment from the same
fund without preference or priority of the bonds first issued for the same purpose.

(3)     If the proceeds from the sale of any bond issue exceed the amount
required for the purpose for which the bonds have been issued, the [Commission]
COUNTY, by resolution, may apply the surplus either to payment of the cost of an
additional project or projects or for the retirement of bonds of that issue, as provided in
the authorizing resolution.

(4)     Where the proceeds from the issue of bonds are expenses for the cost of
one or more projects, whether or not in one or more subdistricts, the [Commission]
COUNTY shall create separate capital accounts for each project, among which bond
proceeds shall be divided and from which the separate costs of each project shall be paid.

(5)     As soon as each project is completed, the special assessments or other
charges imposed or made by the [Commission] COUNTY with respect to the project shall
be calculated in whatever manner as to provide a proportion of the annual debt service on
the issue of bonds equal to the proportion of the proceeds of the issue expended on the
project.

(c)     The full faith and credit and unlimited taxing power of the county shall be
unconditionally pledged to the payment of [its guarantee of] the principal of and interest
on any bonds issued pursuant to this section.

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