Ch. 187 1995 LAWS OF MARYLAND
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 bonds.
Upon delivery of any bonds to the purchaser or purchasers, payment shall be made
to the Treasurer of Cecil County or such other official of the County as may be designated
to receive payment in a resolution passed by the County Commissioners of Cecil County
before 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 public facilities for
which the bonds are sold as follows:
(a) a line to provide water service from Perryville to Elkton by way of Route 40
between Perryville and Elkton - $6,000,000;
(b) sanitary sewer engineering projects on Route 10 to provide sewer service to
the area - $2,000,000; and
(c) extension of gas service along Route 40 from Perryville to North-East between
Perryville and Elkton - $4,000,000.
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 County adopts a resolution allocating the excess funds to the
construction, improvement, or development 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 a
deficiency. The County may apply to the payment of the principal of and interest on any
bonds issued under this Act 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
construction, improvement, development, or renovation of the public facilities defined in
this Act and, to the extent of any such funds received or receivable in any fiscal year, taxes
that might otherwise be required to be levied under this Act may be reduced or need not
be levied.
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