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Martin O'Malley, Governor
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S.B. 957
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and Pension System of Maryland 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 or to finance the payment of any unfunded
liability of the County to the State Retirement and Pension System of Maryland, 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 costs of other public
facilities.
SECTION 5. AND BE IT FURTHER ENACTED, That the borrowing authorized
by this Act to finance the payment of any unfunded liability of the County to the State
Retirement and Pension System of Maryland may be issued for the public purposes of
(i) realizing savings with respect to the aggregate cost of the County payment liability
being funded, on either a direct comparison or present value basis; or (ii) structuring
or restructuring payment liability costs in a manner that (a) in the aggregate effects a
reduction in the total cost of the County payment liability as described, or (b) is
determined by the County to be in the best interests of the County, to be consistent
with the County's long-term financial plan, and to realize a financial objective of the
County, including improving the relationship of liability payment costs to a source of
payments such as taxes, assessments or other charges. Any findings made by the
County in the resolution regarding the public purposes achieved by the issuance of
bonds for such purposes shall be conclusive.
SECTION 6. 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 Frederick 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
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, the taxes that might otherwise be levied under this Act, may be reduced or need
not be levied.
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- 4511 -
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