3978

COUNTY LOCAL LAWS

Association Project)", in an aggregate principal amount not
exceeding $2,500,000, pursuant to the provisions of Sections
266A through 266-I, inclusive, of Article 41 of the
Annotated Code of Maryland (1978 Replacement Volume and 1978
Supplement), in order to loan the proceeds thereof to
American Speech and Hearing Association, a Kansas
corporation, for the sole and exclusive purpose of financing
the acquisition by such corporation of an industrial
building in Montgomery County, Maryland, as provided in this
Act; authorizing the County Executive and the President of
the County Council to accept the Letter of Intent of such
corporation dated March 23, 1979, in order to further
evidence the County's commitment to participate in such
financing; making certain legislative findings, among
others, concerning the public benefit and 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 the County on account
of such loan and from any other moneys made available to the
County for such purpose and (b) shall not ever constitute,
within the meaning of any constitutional or charter
provision or otherwise (i) an indebtedness of the County or
any other political subdivision or (ii) a charge against the
general credit or taxing powers of the County; providing
that this Act shall constitute a binding and enforceable
commitment by the County 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 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 or 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 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, and (iv) 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)