clear space clear space clear space white space
A
 r c h i v e s   o f   M a r y l a n d   O n l i n e
  Maryland State Archives | Index | Help | Search search for:
clear space
white space
Session Laws, 2003
Volume 799, Page 1376   View pdf image
 Jump to  
  << PREVIOUS  NEXT >>
clear space clear space clear space white space

Ch. 145

2003 LAWS OF MARYLAND

Upon delivery of any bonds to the purchaser or purchasers, payment therefor
shall be made to the Treasurer of St. Mary's County or such other official of St. Mary's
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 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 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
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 under this Act 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 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 in such an amount as shall be
necessary for the purpose of providing it with funds to pay any of its outstanding

- 1376 -

 

clear space
clear space
white space

Please view image to verify text. To report an error, please contact us.
Session Laws, 2003
Volume 799, Page 1376   View pdf image
 Jump to  
  << PREVIOUS  NEXT >>


This web site is presented for reference purposes under the doctrine of fair use. When this material is used, in whole or in part, proper citation and credit must be attributed to the Maryland State Archives. PLEASE NOTE: The site may contain material from other sources which may be under copyright. Rights assessment, and full originating source citation, is the responsibility of the user.


Tell Us What You Think About the Maryland State Archives Website!



An Archives of Maryland electronic publication.
For information contact mdlegal@mdarchives.state.md.us.

©Copyright  August 17, 2024
Maryland State Archives