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PARRIS N. GLENDENING, Governor
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Ch. 601
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requirements of this section, which may be paid to the County from the Enterprise
Fund by appropriation or any other lawful method.
(c) If no payment is made under the provisions of this section, then the
amount established under subsection (b) of this section shall act as an appropriation
under subsection (a) of this section.
[15-16.] 14-602. Sale of bonds; use of proceeds; payment.
(a) For the purpose of providing funds for the design, construction,
establishment, purchase, or condemnation of water, sewerage and drainage systems
in Carroll County pursuant to this [subtitle] TITLE, the County is [hereby)
authorized and empowered to borrow money, from time to time, and to evidence
[such] THE borrowing by the issuance of bonds, which shall constitute a pledge of the
full faith and credit and unlimited taxing power of the County. The authority
[hereby] conferred UNDER THIS SECTION is subject to the limitation that the County
shall issue no amount of bonds pursuant to this section if, by the issuance [thereof],
the total unpaid bonded indebtedness under this section, less the amount of any
sinking funds or reserves for payment of bonds previously issued, shall exceed fifteen
[percentum] PERCENT of the total assessed valuation of all property in Carroll
County subject to unlimited County taxation during the fiscal year of the County
most recently concluded. The bonds of each issue shall be dated, shall bear interest at
[such] THE rate or rates, shall mature at [such] THE time or times not exceeding
forty years from their date or dates, as may be determined by the County, and may be
made redeemable before maturity, at the option of the Board, at [such] THE price or
prices and under [such] THE terms and conditions as may be fixed by the Board
[prior to] BEFORE the issuance of the bonds. The Board shall determine the form of
the bonds, including any interest coupons to be attached [thereto], and the manner of
execution of the bonds, and shall fix the denomination or denominations of the bonds
and the place or places of payment of principal and interest, which may be at any
bank or trust company. In case any officer whose signature or a facsimile of whose
signature shall appear on any bonds or coupons shall cease to be [such] AN officer
before the delivery of [such] THE bonds or shall become [such] AN OFFICER after the
date of issue [thereof], [such] THE signature or [such] facsimile shall nevertheless
be valid and sufficient for all purposes the same as if [he] THE OFFICER had
remained in office until [such] THE delivery or had held [said] office on [said] date
of issue. All bonds issued under the provisions of this [subtitle] TITLE shall have and
are [hereby] declared to have, as between successive holders, all the qualities and
incidents of negotiable instruments under the negotiable instruments law of the State
of Maryland. The bonds may be issued in coupon or in registered form, or both, as the
Board may determine, and provision may be made for the registration of any coupon
bonds as to principal alone; also as to both principal and interest, and for the
reconversion into coupon bonds of any bonds registered as to both principal and
interest. The issuance of [such] THE bonds shall not be subject to any limitations or
conditions contained in any other law and the County may sell [such] THE bonds in
[such] A manner, either at public or private sale, and for [such] A price, as it may
determine to be for the best interests of the County. [Said] THE bonds shall be issued
under the signature and seal of the County. [Such] THE bonds shall be signed by the
chief .executive officer of the County, with the seal of the County affixed [thereto]
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- 3181 -
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