WILLIAM DONALD SCHAEFER, Governor Ch. 370

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; and relating generally to the issuance and
sale of such bonds by Cecil County.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That, as used in this Act, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Cecil
County, and the term "school facilities" means the costs of roof repair or replacement
projects and other capital improvements to County schools, including 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 facilities described in Section 1
of this Act, and to borrow money and incur indebtedness for that purpose, at one time
or from time to time, in an amount not exceeding, in the aggregate, $1,400,000 and to
evidence its borrowing by the issuance and sale upon its full faith and credit of general
obligation bonds in like par amount, which may be issued at one time or from time to
time, in one or more groups or series, as the County may determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
pursuant to a resolution of the County which shall describe generally the school
facilities for which the proceeds of the bond sale are intended and the amount needed
for those purposes. The County shall have and is hereby granted full and complete
authority and discretion in the resolution to fix and determine with respect to the bonds
of any issue: the designation, date of issue, denomination or denominations, form or
forms and tenor of the bonds; the rate or rates of interest payable thereon, or the
method of determining the same, which may include a variable rate; the date or dates
and amount or amounts of maturity, which need not be in equal par amounts or in
consecutive annual installments, provided only that no bond of any issue shall mature
later than 30 years from the date of its issue; the manner of selling the bonds, which
may be at either public or private sale, for such price or prices as may be determined to
be for the best interests of the County; the manner of executing the bonds, which may
be by facsimile; the terms and conditions, if any, under which bonds may be tendered
for payment or purchase prior to their stated maturity; the terms or conditions, if any,
under which bonds may or shall be redeemed prior to their stated maturity; the place or
places of payment of the principal of and the interest on the bonds, which may be at any
bank or trust company within or without the State of Maryland; and generally all
matters incident to the terms, conditions, issuance, sale and delivery thereof.

The County may enter into agreements with agents, banks, fiduciaries, insurers or
others for the purpose of enhancing the marketability of and security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds.

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