2314

LAWS OF MARYLAND

Ch. 571

CHAPTER 571

(Senate Bill 818)

AN ACT concerning

Charles County - Board of Education Building

FOR the purpose of authorizing and empowering the County
Commissioners of Charles County to issue and sell
serial bonds upon the full faith and credit of the
County in an amount not in excess of $5,100,000 to be
issued in such amounts and at such times as the County

Commissioners may designate, for the purposes of

constructing and equipping a building to serve as
central office space and warehouse for the Charles
County Board of Education, and of doing those things
that are necessary or appropriate to accomplish the
objects and purposes of the project, and authorizing
the County Commissioners of Charles County to levy
taxes on the assessable property in the County to
provide funds for the payment of interest and principal
as the same become payable, at one time or from time to
time, to borrow no more than $5,100,000 in order to
finance a certain building for the Charles County Board
of Education as herein defined, and to effect such
borrowing by the issuance and sale at public or private
sale of its general 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 and
directing the County to levy, impose and collect,
annually, ad valorem taxes in rate and amount
sufficient to provide funds necessary for the payment
of the maturing principal of and interest on the bonds;
exempting the bonds, 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 such
bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the County Commissioners of Charles County be
and they are authorized and empowered to borrow at one time
or from time to time, upon the full faith and credit of
Charles County, and to issue and sell at one time or from
time to time its bonds therefor, a sum or sums of money not
to exceed $5,100,000 for the purposes of constructing and
equipping a building to serve as central office space and
warehouse for the Charles County Board of Education and
doing those things that are necessary or appropriate to
accomplish the objects and purposes of the project.