PARRIS N. GLENDENING, Governor

Ch. 76

In case any officer whose signature appears on any bond or on any coupon attached
thereto ceases to be such officer before the delivery thereof, such signature shall
nevertheless be valid and sufficient for all purposes as if he had remained in office until
such delivery. The bonds and the issuance and sale thereof shall be exempt from the
provisions of Sections 2C, 9, 10, and 11 of Article 31 of the Annotated Code of Maryland.

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.

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

For purposes of issuance and sale, bonds authorized hereunder may be consolidated
into a single issue with any other bonds authorized to be issued by the County.

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. 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 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 costs 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
Frederick 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 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, the taxes that might otherwise be levied under this Act, may
be reduced or need not be levied.

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