4624

COUNTY LOCAL LAWS

certificates, or evidences of obligation as determined pursuant
to this Resolution in a principal amount not to exceed $9,500,000
designated "Anne Arundel County, Maryland Economic Development
Revenue Bonds (The Regency Club Facility)," pursuant to the
provisions of the Maryland Economic Development Revenue Bond Act,
Sections 266A through 266-I, inclusive, of Article 41 of the
Annotated Code of Maryland (1982 Replacement Volume and 1984
Cumulative Supplement) (the "Act") in order to lend the proceeds
thereof to The Regency Club Limited Partnership, a Maryland
limited partnership (hereinafter referred to as the "Borrower"),
for the sole and exclusive purpose of financing (i) the
acquisition of approximately 13.5 acres of land located on the
corner of Centennial Circle and Heritage Hill Drive, in the Glen
Burnie Area of northern Anne Arundel County, Maryland (the
"Land"); (ii) the construction on the Land of a 196 unit
residential townhome and apartment complex consisting of 147 two
bedroom and 49 three bedroom townhomes and apartments, with at
least 20% of the total number of occupancy tenants thereof being
persons with incomes not greater than 80% of the median gross
income for the area and who otherwise qualify under Section
103(b)(12)(C) of the Internal Revenue Code of 1954, as amended,
therefore providing tenants with new and much needed housing
opportunities in an area of the County that currently is
experiencing a shortage of affordable rental units; (iii) the
acquisition and installation of certain equipment and machinery
that is necessary or useful in connection with the operation of
the building described in (ii) above and the other improvements
on the Land; (iv) the acquisition of such interests in land as
may be necessary or desirable for such building together with
roads, other rights of access, utilities, and other necessary
facilities; (v) the necessary costs of preparing, printing,
selling, and issuing of the bonds or other obligations; (vi) the
funding of reserves; and (vii) the payment of interest with
respect to such financing or to refund outstanding bonds issued
under the Act, all as provided in this Resolution; making certain
findings and determinations, among others, concerning the public
benefit and purpose of the revenue bonds and other obligations
authorized to be issued hereby; providing that this Resolution
shall constitute a commitment to issue the revenue bonds and
other obligations so authorized and that the authority and
commitment of the County to issue revenue bonds and other
obligations pursuant to this Resolution shall be of a limited
duration and making provision for the extension of the authority
contained herein; authorizing the County Executive of the County
to accept, on behalf of the County, the letter of intent to the
County from the Borrower dated February 5, 1985; providing that
such revenue bonds and other obligations (i) shall be payable
solely from revenue derived by the County in connection with the
financing of the facility, including, but not limited to, loan
repayments (both principal and interest) made to the County by
the Borrower or from the proceeds of bonds or other obligations
issued for the purposes of refunding other obligations, and (ii)
shall not ever constitute, within the meaning of any statutory
limitation, constitutional or charter provision, or otherwise (a)
an indebtedness of the County or (b) a charge against the general
credit or taxing powers of the County; providing the maximum term