(a) Tax levy. If not paid or redeemed as set forth in subsections (b) or (c), the County shall levy or cause to be levied ad valorem taxes upon all real and tangible personal property within its boundaries subject to assessment for taxation in rates and amounts sufficient in each and every fiscal year in which such interim notes are outstanding to provide for the prompt payment, when due, of the principal of and interest on the interim notes. If the proceeds from the taxes levied in any fiscal year are inadequate for such payment, additional taxes shall be levied in the succeeding fiscal year to remedy such deficiency. The full faith and credit and taxing power of the County is pledged, subject to the limitation on the tax levy set out in § 710(d) of the Charter, to the prompt payment of the principal of and interest on the interim notes as and when such interim notes shall become due and payable and to the levy and collection of the taxes herein described as and when such taxes may become necessary to provide sufficient funds to pay the debt service requirements on the interim notes. The County shall covenant and agree with owners of the interim notes to levy and collect the taxes herein described.
(b) Other funds. The County may apply to the payment of the principal of or interest on the interim notes any funds received by it from the State of Maryland or the United States of America or any governmental agency or instrumentality, or from any other legally available source, including the proceeds of bonds, if such funds are available to the County for the purpose of accomplishing the type of projects which the interim notes are issued to finance. The taxes hereby required to be levied may be reduced by the amount of any such funds received or receivable in any fiscal year.
(c) Redemption. If not paid otherwise as set forth in subsection (b), interim notes shall be redeemed not later than the last day of the fiscal year of issuance of the interim notes from the proceeds of bond anticipation notes or bonds issued pursuant to a duly enacted bond issue authorization ordinance that authorizes the financing of projects which the interim notes have been issued to finance.
(Bill No. 2-17)