MARVIN MANDEL, Governor

321

CODE OF MARYLAND (1971 REPLACEMENT VOLUME) SHALL REMAIN
SPECIAL TAXING DISTRICTS FOR THE PURPOSE OF LEVYING
CHARGES, ASSESSMENTS AND AD VALOREM TAXES TO RETIRE THE
PRINCIPAL OF AND INTEREST ON (I) BONDS THERETOFORE ISSUED
UPON THE FULL FAITH AND CREDIT OF THE CHARLES COUNTY
SANITARY DISTRICT, INC., AND (II) BONDS ISSUED BY THE
COUNTY COMMISSIONERS PURSUANT TO THE AUTHORITY OF THIS
SECTION.

(F) AUTHORITY TO ISSUE BONDS. FOR THE PURPOSE OF
PROVIDING FUNDS FOR THE DESIGN, CONSTRUCTION, ERECTION,
REPAIR, REPLACEMENT, ADDITION, EXTENSION, BETTERMENT,
PURCHASE OR CONDEMNATION OF AND TO WATER SYSTEMS, SEWAGE
SYSTEMS, SOLID WASTE DISPOSAL SYSTEMS AND SOLID WASTE
ACCEPTANCE FACILITIES, ALL AS DEFINED IN SECTION 645 OF
ARTICLE 43 OF THE ANNOTATED CODE OF MARYLAND (1971
REPLACEMENT VOLUME), IN CHARLES COUNTY, THE COUNTY
COMMISSIONERS ARE AUTHORIZED AND EMPOWERED TO ISSUE
BONDS, FROM TIME TO TIME, UPON THE FULL FAITH AND CREDIT
OF THE COUNTY, IN SUCH AMOUNTS AS THEY MAY DEEM TO BE
NECESSARY TO MAKE IMPROVEMENTS CONSISTENT WITH SUCH
PURPOSE AND TO PROVIDE THE FUNDS NECESSARY TO MEET THE
COST THEREOF. THE COST, WHICH SHALL INCLUDE, WITHOUT
LIMITATION, THOSE ELEMENTS OF "COST" AS THAT TERM IS
DEFINED IN SECTION 645 OF ARTICLE 43 OF THE ANNOTATED
CODE OF MARYLAND (1971 REPLACEMENT VOLUME), SHALL BE
ESTIMATED AT THE TIME OF THE ADOPTION OF A RESOLUTION BY
THE COUNTY COMMISSIONERS AUTHORIZING SUCH BONDS, BUT AT
NO TIME SHALL THE TOTAL ISSUE OF BONDS OUTSTANDING AND
UNPAID WHICH RELATES TO IMPROVEMENTS IN ANY SPECIAL
TAXING DISTRICT FOR ALL PURPOSES UNDER THIS SECTION
EXCEED 25 PERCENT OF THE TOTAL VALUE OF THE PROPERTY
ASSESSED FOR COUNTY TAXATION PURPOSES WITHIN THE SPECIAL
TAXING DISTRICT. THE AUTHORIZING RESOLUTION SHALL
PROVIDE THAT THE BONDS OF EACH ISSUE SHALL BE DATED,
SHALL BEAR INTEREST AT SUCH RATE OR RATES AS MAY BE
DETERMINED BY THE COUNTY COMMISSIONERS, SHALL MATURE AT
SUCH TIME OR TIMES NOT EXCEEDING 40 YEARS FROM THEIR DATE
OR DATES OF ISSUE, AS MAY BE DETERMINED BY THE COUNTY
COMMISSIONERS, AND MAY BE MADE REDEEMABLE BEFORE
MATURITY, AT THE OPTION OF THE COUNTY COMMISSIONERS, AT
SUCH PRICE OR PRICES AND UNDER SUCH TERMS AND CONDITIONS
AS MAY BE FIXED BY THE COUNTY COMMISSIONERS PRIOR TO THE
ISSUANCE OF THE BONDS. THE COUNTY COMMISSIONERS SHALL
ALSO BY SUCH AUTHORIZING RESOLUTION DETERMINE THE FORM OF
THE BONDS, INCLUDING ANY INTEREST COUPONS TO BE ATTACHED
THERETO, ANY PROVISIONS FOR REGISTRATION OF THE BONDS OR
COUPONS, THE MANNER OF EXECUTION OF THE BONDS, THE
DENOMINATION OR DENOMINATIONS OF THE BONDS, THE PLACE OR
PLACES OF PAYMENT OF PRINCIPAL AND INTEREST, WHICH MAY BE
AT ANY BANK OR TRUST COMPANY, AND MAY PROVIDE FOR SUCH
OTHER DETAILS AS ARE INCIDENT TO THE SALE, ISSUANCE AND
DELIVERY OF SUCH BONDS. EACH OF SUCH BONDS SHALL BE
ISSUED UNDER THE SEAL OF THE COUNTY AND SHALL BE SIGNED
BY THE CHIEF EXECUTIVE OFFICER AND BY THE CLERK OR
SECRETARY OF THE COUNTY. ALL BONDS ISSUED UNDER THE
PROVISIONS OF THIS SECTION SHALL HAVE AND ARE HEREBY
DECLARED TO HAVE, AS BETWEEN SUCCESSIVE HOLDERS, ALL THE