PARRIS N. GLENDENING, Governor

Ch. 408

conditions, and a form of advertisement, which shall be published in one or more daily or
weekly newspapers having a general circulation in Cecil 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 Cecil County as may be
designated to receive payment in a resolution adopted by the 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 school 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 school 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 in its discretion 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
Cecil 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
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 school 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.

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, upon purchase or
redemption, any bonds issued under this Act. The validity of any refunding bonds are in
no way dependent upon or related to the validity or invalidity of the obligations being
refunded. The powers granted under this Act 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 purchase in the open market any
of its outstanding bonds issued under this Act, prior to their maturity, or for the purpose
of providing it with funds for the redemption prior to maturity of any outstanding bonds

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