3974

COUNTY LOCAL LAWS

purpose of the revenue bonds; providing that such revenue
bonds (a) shall be limited obligations of Montgomery County,
Maryland, payable solely from revenue derived from loan
repayments (both principal and interest) made to Montgomery
County, Maryland, on account of such loan and from any other
moneys made available to Montgomery County, Maryland, for
such purpose and (b) shall not ever constitute, within the
meaning of any constitutional or charter provision or
otherwise (i) an indebtedness of Montgomery County,
Maryland, or any other political subdivision or (ii) a
charge against the general credit or taxing powers of
Montgomery County, Maryland; providing that this Act shall
constitute a binding and enforceable commitment by
Montgomery County, Maryland, to the aforesaid corporation to
issue the revenue bonds so authorized; authorizing the
private sale of such revenue bonds; providing that certain
matters pertaining to such revenue bonds, including (without
limitation) rates, amounts, denominations and dates of any
series of such revenue bonds, maturity or maturities (within
the limits herein prescribed), payment provisions and
prepayment and redemption provisions, shall be determined
administratively at or prior to the time of such private
sale of any series of such revenue bonds by resolution of
the County Council for Montgomery County approved by the
County Executive; delegating various matters in connection
with such revenue bonds to the County Executive or the Chief
Administrative Officer of the County; providing that the
County Council may determine administratively by resolution
or by other appropriate action all other matters pertaining
to the issuance, sale and delivery of any series of such
revenue bonds, including (without limitation) (a) the form,
contents, tenor, terms and conditions of and security for
such revenue bonds; (b) the appointment of a trustee and a
paying agent or agents for such revenue bonds; (c) the form
and contents, and the authorization of the execution and
delivery (where applicable) of (i) a loan agreement between
the County and the aforesaid corporation, (ii) a trust
agreement between the County and the aforesaid trustee,
(iii) a deed of trust from such corporation to certain
individual trustees as security for the loan, (iv) a
guaranty agreement between such corporation and such
trustee, (v) a guaranty agreement or agreements between
certain affiliated corporations and such trustee, and (vi)
such other documents including (without limitation)
mortgages, deeds of trust, guaranties and security
instruments as the County Council shall deem necessary to
effectuate the issuance, sale and delivery of such revenue
bonds; (d) the time of execution, issuance, sale and
delivery of such revenue bonds; (e) provisions for the
issuance and sale (subject to the passage at the time of an
appropriate act and ordinance authorizing the same) of one
or more series of additional bonds, and one or more series
of refunding bonds; and (f) provisions authorizing the
County and its officials to do any and all things,
necessary, proper or expedient in connection with the
issuance, sale and delivery of such revenue bonds; and
generally providing for and determining various matters in
connection with the authorization, issuance, security, sale