ROBERT L. EHRLICH, JR., Governor

Ch. 28

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 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 shall be used and applied exclusively and solely for the acquisition,
construction, improvement, or development of public facilities, including water and
sewer projects, or loans to volunteer fire departments for the financing of fire or
emergency-related equipment, buildings, or other facilities of volunteer fire
departments in the County, 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, including water and sewer projects, or to the financing of other fire or
emergency-related equipment, buildings, or other facilities of volunteer fire
departments in the County 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 as loan repayments from volunteer fire departments and 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, including the
water and sewer projects or the aforementioned fire or emergency-related equipment,
buildings, or other facilities for volunteer fire departments in the County, 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.

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