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Ch. 58
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Martin O'Malley, Governor
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departments in the County or to finance the payment of a contribution to the Carroll
County Pension Plan 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 making of loans for fire or
emergency-related equipment, buildings, or other facilities of volunteer fire
departments in the County or to the financing of the payment of contributions to the
Carroll County Pension Plan, contributions to other postemployment benefits
programs provided by the County, or contributions to the length of service award
program for members of volunteer fire departments in the County, as defined and
within the limits set forth in this Act.
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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 making of loans for the aforementioned fire or
emergency-related equipment, buildings, or other facilities for volunteer fire
departments in the County, or the financing of the payment of contributions to the
Carroll County Pension Plan, contributions to other postemployment benefits provided
by the County, or contributions to the length of service award program for members of
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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-895-
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