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PARRIS N. GLENDENING, Governor
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Ch. 50
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and for the purpose of securing any tender option that may be granted to holders of
the bonds, all as may be determined and presented in the aforesaid resolution, which
may (but need not) state as security for the performance by the county of any
monetary obligations under such agreements the same security given by the county to
bondholders for the performance by the county of its monetary obligations under the
bonds.
If the county determines in the resolution to offer any of the bonds by
solicitation of competitive bids at public sale, the resolution shall fix the terms and
conditions of the public sale and shall adopt a form of notice of sale, which shall
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 therefor
shall be made to the Treasurer of Calvert County or such other official of Calvert
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 roads and 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
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- 1139 -
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