Ch. 455

1997 LAWS OF MARYLAND

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 the bonds.

Upon delivery of any bonds to the purchaser or purchasers, payment therefor shall
be made to the Treasurer of Dorchester County or such other official of Dorchester
County as may be designated to receive such payment in a resolution passed by the
County before such 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 the public school
capita] improvements in Dorchester County. If the net proceeds of the sale of any issue of
bonds exceeds the amount needed to finance the public school capital improvements
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, as the County may
determine to be in its best interest, unless the County shall adopt a resolution allocating
the excess funds to other public school capital improvements.

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 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 public school capital improvements defined in this Act and, to the extent of
any such funds received or receivable in any fiscal year, the taxes that are required to be
levied under this Act may be reduced proportionately or need not be levied.

SECTION 6. AND BE IT FURTHER ENACTED, That the County is 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, by payment at maturity or
upon purchase or redemption, any bonds issued hereunder. The validity of any such
refunding bonds shall in no way be dependent upon or related to the validity or invalidity
of the obligations so refunded. The powers herein granted 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 pay any of its
outstanding bonds issued hereunder at maturity, for the purpose of providing it with
funds to purchase in the open market any of its outstanding bonds issued hereunder, prior
to the maturity thereof, or for the purpose of providing it with funds for the redemption
prior to maturity of any outstanding bonds issued hereunder which are, by their terms,

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