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Ch. 558
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2000 LAWS OF MARYLAND
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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 10 days before the sale of the bonds.
Upon delivery of any bonds to the purchaser or purchasers, payment therefore,
where applicable, shall be made to the Treasurer of Carroll County or such other
official of Carroll 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 bonds, where applicable, 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 with
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 exceed 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
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 acquisition,
construction, improvement, or development 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 are required to be levied may be reduced accordingly.
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 herein above described for the purpose of refunding, by payment at
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- 2960 -
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