2444

LAWS OF MARYLAND

Ch. 619

FOR the purpose of authorizing the County Commissioners of
Calvert County to borrow upon the full faith and credit
of the County Commissioners of Calvert County an amount
not to exceed $3,200,000 $3,500,000 and to issue and
sell bonds for the purpose of making a loan to Calvert
Memorial Hospital of Calvert County for the purpose of
paying the costs associated with the planning,
financing, construction, equipping and expansion of
hospital buildings and facilities in Calvert County and
paying the expenses of issuance and sale; providing
that the bonds shall be exempt from taxation; providing
for the levy of taxes in Calvert County, for the
payment of principal and interest on the bonds, and the
pledging of the proceeds from any loans to Calvert
Memorial Hospital of Calvert County; providing for
security for the loans; and providing generally for the
issue and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the County Commissioners of Calvert County
are authorized to borrow on the full faith and credit of the
County Commissioners of Calvert County, a sum not to exceed
$3,200,000 $3,500,000, and to issue and sell bonds the
proceeds to be used for the purpose of making a loan to
Calvert Memorial Hospital of Calvert County for the purpose
of paying the costs associated with the planning, financing,
construction, equipping and expansion of hospital buildings
and facilities in Calvert County and to pay all expenses,
including advertising, printing, financial advisory and
legal fees, incurred in the issuance and sale of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That the County
Commissioners of Calvert County shall by proper resolution
fix the maturity of any of the bonds, provided that the
bonds may not mature later than 40 years from the date of
their issue, and provided further than that the bonds shall
may be issued on the serial maturity plan except that the
first principal maturity need not be less than 2 years from
the date of issue. or such other plan as the County
Commissioners of Calvert County find and determine to be
necessary or desirable in connection with the issuance and
sale of the bonds. The resolution may fix the denomination
of the bonds, the interest rate, or the manner of
determining the interest rate of the bonds, the manner and
place of payment, the date, place, and terms of the sale of
the bonds, and all details not provided for with respect to
the form, issuance, and sale. The bonds shall be signed by
the President of the Board of County Commissioners of
Calvert County and by the Treasurer of the County
Commissioners of Calvert County. The seal of the County
Commissioners of Calvert County, or a facsimile, shall be
affixed to the bonds. The bonds shall may be in bearer,
coupon form, and the coupons or may be registrable as to
principal alone or as to both principal and interest.
Coupons may be authenticated by the facsimile signature of
the President of the Board of County Commissioners of