Ch. 492 LAWS OF MARYLAND

FINANCED AS PROVIDED IN § 119-3 OF THIS CHAPTER, SUCH
APPROPRIATION SHALL BE TREATED AS PART OF THE COST OF THE
PROJECT AND SHALL BE REIMBURSED TO THE GENERAL FUNDS OF THE

COUNTY.

C. APPLICABILITY OF PROVISIONS. NONE OF THE DEFINITIONS
CONTAINED IN THIS SECTION AND NONE OF THE POWERS CONFERRED
BY § 119-1 OF THIS CHAPTER SHALL BE CONSTRUED TO INCLUDE OR
CONFER UPON THE COUNTY THE POWER TO CONSTRUCT, MAINTAIN
AND OPERATE ANY ELECTRIC, GAS OR RAILROAD UTILITY OR TO
ACQUIRE BY CONDEMNATION ANY OF THE PROPERTY OF ANY SUCH
UTILITY RENDERING ELECTRIC, GAS OR RAILROAD SERVICE.

119-3. REVENUE BONDS AUTHORIZED; GENERAL REGULATIONS.

A. ISSUANCE; DETERMINATION OF AMOUNT. THE COUNTY SHALL
HAVE THE POWER AND IT IS HEREBY AUTHORIZED AT ONE (1) TIME OR
FROM TIME TO TIME TO PROVIDE BY RESOLUTION FOR THE ISSUANCE
OF ITS NEGOTIABLE REVENUE BONDS, CERTIFICATES OR OBLIGATIONS
FOR THE PURPOSE OF PAYING ALL OR ANY PART OF THE COST OR
PURCHASE PRICE OF ANY ONE (1) OR MORE PROJECTS. THE RESOLUTION
AUTHORIZING THE ISSUANCE OF SUCH REVENUE BONDS, CERTIFICATES
OR OBLIGATIONS OR THE TRUST INDENTURE HEREINAFTER PROVIDED
FOR SHALL STATE THE ESTIMATED COST OR PURCHASE PRICE OF ANY
PROJECT OR PROJECTS INVOLVED OR PORTION THEREOF TO BE
FINANCED BY ANY SUCH REVENUE BONDS, CERTIFICATES OR
OBLIGATIONS, AND SUCH REVENUE BONDS, CERTIFICATES OR
OBLIGATIONS SHALL BE ISSUED IN SUCH AMOUNT OR AMOUNTS.

B. PAYMENT OF PRINCIPAL AND INTEREST; BENEFIT
ASSESSMENTS. THE PRINCIPAL OF AND INTEREST ON SUCH REVENUE
BONDS, CERTIFICATES OR OBLIGATIONS SHALL BE PAYABLE SOLELY
FROM THE FUNDS AND REVENUES RECEIVED BY THE COUNTY FROM
SAID PROJECT OR PROJECTS, AND NO AD VALOREM TAX OR EXCISE
SHALL BE LEVIED BY THE COUNTY FOR THE PAYMENT OF SUCH
PRINCIPAL AND INTEREST, BUT SPECIAL BENEFIT ASSESSMENTS WHICH
ARE EQUITABLE AND REASONABLE MAY BE IMPOSED FOR SUCH
PURPOSE ON PROPERTIES SPECIALLY BENEFITED BY ANY SUCH
PROJECT.

C. GENERAL INFORMATION AND PROCEDURES. THE REVENUE
BONDS, CERTIFICATES OR OBLIGATIONS, HEREIN COLLECTIVELY
CALLED "BONDS," OF EACH ISSUE SHALL BE DATED, SHALL BEAR
INTEREST AT SUCH RATE OR RATES NOT EXCEEDING SIX PER CENTUM
(6%) PER ANNUM, PAYABLE SEMIANNUALLY, AND SHALL MATURE AT
SUCH TIME OR TIMES, NOT EXCEEDING FORTY (40) YEARS FROM THEIR
DATE OR DATES, AS MAY BE DETERMINED BY THE COUNTY. THE BONDS
OF EACH ISSUE MAY BE MADE REDEEMABLE BEFORE MATURITY AT THE
OPTION OF THE COUNTY AT SUCH PRICE OR PRICES, AT OR ABOVE PAR,

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