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Martin O'Malley, Governor
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Ch. 633
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designated to receive payment in a resolution passed by the County Commissioners of
Cecil County before 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 public facilities
for which the bonds are sold.
If the net proceeds of the sale of any issue of bonds exceeds the amount needed
to finance the public facilities 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, unless the County adopts a resolution allocating
the excess funds to the construction, improvement, or development of other public
facilities.
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 assume
the payment, when due, of the principal of and interest on all the bonds maturing in
each such fiscal year and, if the proceeds from the taxes so levied in any fiscal year
prove inadequate for such payment, additional taxes shall be levied in the succeeding
fiscal year to make up any deficiency. The County may apply to the payment of the
principal of and interest on any bonds issued under this Act any funds received by it
from the State of Maryland, the United States of America, any agency or
instrumentality of either, or from any other source. If such funds are granted for the
purpose of assisting the County in financing the construction, improvement,
development, or renovation of the public facilities defined in this Act and, to the extent
of any such funds received or receivable in any fiscal year, taxes that might otherwise
be required to be levied under this Act may be reduced or need not be levied.
SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
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, upon
purchase or redemption, any bonds issued under this Act. The validity of any
refunding bonds shall in no way be dependent upon or related to the validity or
invalidity of the obligations being refunded. The powers granted under this Act 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 purchase in the open market any of its outstanding bonds issued under this
Act, prior to their maturity, or for the purpose of providing it with funds for the
redemption prior to maturity of any outstanding bonds which are, by their terms,
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