holders of the bonds, all as may be determined and presented in the aforesaid
resolution, which may (but need not) state as security for the performance by the
County of any monetary obligations under such agreements the same security given
by the County to bondholders for the performance by the County of its monetary
obligations under the bonds.
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, including the manner of receipt of bids, 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 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 Washington County or such other official of the
County as may be designated to receive such payment in a resolution passed by the
County Commissioners of Washington County before such 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 acquisition,
construction, improvement, or development of public facilities for which the bonds are
sold. If the amounts borrowed shall prove inadequate to finance the projects described
in the resolution, the County may issue additional bonds within the limitations hereof
for the purpose of evidencing the borrowing of additional funds for such financing,
provided the resolution authorizing the sale of additional bonds shall so recite, but if
the net proceeds of the sale of any issue of bonds exceeds the amount needed to
finance the projects 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 acquisition, construction, improvement, or
development of other public facilities, as defined and within the limits set forth in this
Act.
'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
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