PARRIS N. GLENDENING, Governor

Ch. 536

such delivery. The bonds and the issuance and sale thereof shall be exempt from the
provisions of Sections 9, 10, and 11 of Article 31 of the Annotated Code of Maryland, as
effective from time to time.

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. At least one publication of the advertisement shall be made not less
than ten (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 Charles County or such other official of Charles County as
may be designated to receive such payment in a resolution adopted by the Board 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 financing 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 Board in
its discretion adopts 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
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 facilities, taxes might otherwise be required to be levied under this
Act may be reduced or need not be levied to the extent that any such funds are received
or receivable in any fiscal year.

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, by payment at
maturity or upon purchase or redemption, any bonds issued hereunder. The validity of

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