Ch. 116 LAWS OF MARYLAND

obligation bonds in like par amount; 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; and relating generally to
the issuance and sale of the bonds.

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 Cecil
County, and the term "public facilities" means the costs of the planning and renovation
of the Cecil County Court House and other capital projects in Cecil County.

SECTION 2. AND BE IT FURTHER ENACTED, That:

(1) The County is hereby authorized to finance any part or all of the costs of the
renovation of the Court House in Cecil County and other public facilities and to borrow
and incur indebtedness for the purpose, at one time or from time to time, in an amount
not to exceed $1,600,000.

(2) The County shall 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 public
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 in 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.

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