HARRY HUGHES, Governor

1417

BONDS AT PRIVATE SALE TO THE UNITED STATES OF AMERICA OR TO
THE STATE OF MARYLAND, OR TO ANY AGENCY OF EITHER OF THEM.

23-22.

[The]ANY bonds OR NOTES issued [pursuant to] UNDER this
subtitle, their transfer, the interest payable thereon and
income derived therefrom in the hands of the holders thereof
from time to time (including any profit made in the sale
thereof) shall be and are hereby declared to be at all times
exempt from taxation of every kind and nature whatsoever by
the State of Maryland or by any of its political subdivisons
or by any town or incorporated municipality or by any other
public agency within the State of Maryland.

23-25A.

FOR THE PURPOSE OF PROVIDING FUNDS FOR THE INTERIM
FINANCING OF THE DESIGN, ENGINEERING, CONSTRUCTION,
ESTABLISHMENT, INSTALLATION, IMPROVEMENT, EXTENSION,
PURCHASE, ACQUISITION, OR CONDEMNATION OF ANY WATER SUPPLY,
SEWERAGE, SOLID WASTE, OR DRAINAGE SYSTEM AUTHORIZED BY THIS
SUBTITLE, THE COUNTY SHALL HAVE THE POWER AND IS HEREBY
AUTHORIZED FROM TIME TO TIME TO BORROW MONEY IN ANY AMOUNT
FOR PERIODS NOT TO EXCEED 5 YEARS THROUGH THE ISSUANCE AND
SALE UPON THE FULL FAITH AND CREDIT OF THE COUNTY OF ITS
GENERAL OBLIGATION NOTES. THE COUNTY MAY ISSUE NOTES PARTLY
TO RENEW NOTES OR TO DISCHARGE OTHER OBLIGATIONS THEN
OUTSTANDING, AND PARTLY FOR ANY OTHER PURPOSE. THE NOTES
SHALL BE AUTHORIZED BY RESOLUTION WHICH SHALL CITE THE
AUTHORITY FOR THE NOTES AND THE AMOUNT AUTHORIZED, SHALL FIX
THE MATURITY OR MATURITIES, INTEREST RATE OR RATES OR THE
MANNER OF DETERMINING THE SAME, AND OTHER TERMS OF THE
NOTES, THE PRICE OR PRICES AT WHICH THE NOTES MAY BE SOLD,
WHICH MAY BE AT, ABOVE, OR BELOW THE FACE VALUE THEREOF, AND
THE MANNER OF THEIR SALE, WHICH MAY BE BY PRIVATE
NEGOTIATION BY THE COUNTY WITH A PROSPECTIVE PURCHASER OR
PURCHASERS IF THE COUNTY DEEMS THE SALE TO BE IN THE PUBLIC
INTEREST AND SO FINDS IN THE RESOLUTION. THE RESOLUTION MAY
PROVIDE FOR THE ISSUANCE OF THE NOTES IN SERIES AS FUNDS ARE
REQUIRED, AND MAY ALSO PROVIDE FOR THE RENEWAL OF THE NOTES
AT MATURITY WITH OR WITHOUT RESALE. THE NOTES SHALL BE
EXECUTED ON BEHALF OF THE COUNTY IN THE SAME MANNER AS IS
PROVIDED FOR BONDS ISSUED UNDER THIS SUBTITLE.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1980.

Approved May 6, 1980.

CHAPTER 431
(House Bill 963)