2518

LAWS OF MARYLAND

Ch. 655

(House Bill 928)

AN ACT concerning

Caroline County - Public Facilities Bonds

FOR the purpose of authorizing and empowering the County
Commissioners of Caroline County, from time to time, to
borrow not more than $1,700,000 and to effect such
borrowing by the issuance and sale at public or private
sale of its general obligation bonds in like par amount
in order to finance the costs of construction,
alteration, improvement, reconstruction,
rehabilitation, renovation, and repair of public
facilities and buildings as herein defined; 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 the County to issue refunding
bonds for the purchase or redemption of bonds in
advance of maturity; empowering and directing the
County to levy, impose, and collect, annually, ad
valorem taxes in rate and amount sufficient to provide
funds for the payment of the maturing principal of and
interest on the bonds; exempting the bonds and
refunding bonds, and the interest thereon and any
income derived therefrom, from all State, county, and
municipal, and other taxation in the State of Maryland;
relating generally to the issuance and sale of such
bonds; and empowering the Board of County Commissioners
to constitute itself as The Board of Estimates for the
purpose of estimating expenditures with respect to the
public facilities project and thereafter to appropriate
the amounts so estimated.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the
body politic and corporate of the State of Maryland known as
the County Commissioners of Caroline County, and the term
"public facilities" means the costs of construction,
alteration, improvement, reconstruction, rehabilitation,
renovation, and repair of public facilities and buildings in
Caroline County including, but not by way of limitation, all
nine county schools, the county library buildings, the
county courthouse, and the county roads barn and utility
building, and including in the costs thereof those that may
involve acquisition and development of property rights,
acquisition and installation of furnishings and equipment,
and any related architectural, financial, legal, planning,
and engineering services, and the costs of insurance, sale,
and delivery of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That the County
is hereby authorized to finance any part of or all of the
costs of the public facilities described in Section 1 of
this Act, and to borrow money and incur indebtedness for