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2000 LAWS OF MARYLAND
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Ch. 190
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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
capital 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 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, redeemable, for the purpose of
providing it with funds to pay interest on any outstanding bonds issued hereunder
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- 936 -
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