|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 382
|
|
|
|
|
|
Martin O'Malley, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
herein defined, to finance the payment of any unfunded liability of the County
to the State Retirement and Pension System of Maryland, and to effect such
borrowing by the issuance and sale at public or private sale of its general
obligation bonds; empowering the County to fix and determine, by resolution,
the form, tenor, interest rate or rates or method of determining the same, terms,
conditions, maturities, and all other details incident to the issuance and sale of
the bonds; empowering the County to issue refunding bonds for the purchase or
redemption of bonds in advance of maturity; empowering and directing the
County to levy, impose, and collect, annually, ad valorem taxes in rate and
amount sufficient to provide funds for the payment of the maturing principal of
and interest on the bonds; exempting the bonds and refunding bonds and the
interest thereon and any income derived therefrom from all State, county,
municipal, and other taxation in the State of Maryland; providing that nothing
in this Act shall prevent the County from authorizing the issuance and sale of
bonds the interest on which is not excludable from gross income for federal
income tax purposes; providing that such borrowing may be undertaken by
Frederick County in the form of installment purchase obligations executed and
delivered by Frederick County for the purpose of acquiring agricultural land
and woodland preservation easements; providing that such borrowing may be
undertaken by Frederick County to finance the payment of any unfunded
liability of Frederick County to the State Retirement and Pension System of
Maryland for certain public purposes; and generally relating to the issuance and
sale of the bonds by Frederick County.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Frederick
County, and the term "public facilities" means the cost of construction and
reconstruction of capital projects, including but not limited to landfill projects, public
schools, roads, bridges, flood control projects, solid waste facilities, water and leachate
treatment facilities, libraries, easements or similar or related rights in land that
restrict the use of agricultural land or woodland to maintain the character of the land
as agricultural land or woodland, and communication systems, including the
development of property, the acquisition and installation of equipment and
furnishings, together with any related architectural, financial, legal, planning, or
engineering services.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the public facilities described in
Section 1 of this Act, to finance the payment of any unfunded liability of the County to
the State Retirement and Pension System of Maryland, and to borrow money and
incur indebtedness for those purposes that purpose, at one time or from time to time,
in an amount not exceeding, in the aggregate, $120,000,000 and to evidence such
borrowing by the issuance and sale upon its full faith and credit of general obligation
|
|
|
|
|
|
|
|
|
|
- 2365 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
