ALLEGANY COUNTY                                              4047

Effective Date May 5, 1980.

Bill No. 5-80

AN AMENDED BILL ENTITLED

"INDUSTRIAL DEVELOPMENT REVENUE BONDS

(Cumberland Steel Company Project)"

A PUBLIC LOCAL LAW AUTHORIZING AND EMPOWERING COUNTY
COMMISSIONERS OF ALLEGANY COUNTY TO ISSUE, SELL (BY PRIVATE,
NEGOTIATED SALE) AND DELIVER, AT ANY TIME OR FROM TIME TO
TIME, ITS INDUSTRIAL DEVELOPMENT REVENUE BONDS IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $700,000 PURSUANT
TO THE PROVISIONS OF SECTIONS 266A TO 266-I, INCLUSIVE, OF
ARTICLE 41 OF THE ANNOTATED CODE OF MARYLAND (1978
REPLACEMENT VOLUME AND 1979 CUMULATIVE SUPPLEMENT), AS
AMENDED, IN ORDER TO LOAN THE PROCEEDS THEREOF TO CUMBERLAND
STEEL COMPANY, A MARYLAND CORPORATION, FOR THE SOLE AND
EXCLUSIVE PURPOSE OF FINANCING THE ACQUISITION BY CUMBERLAND
STEEL COMPANY OF A CERTAIN INDUSTRIAL BUILDING TO BE LOCATED
IN ALLEGANY COUNTY AS PROVIDED IN THIS PUBLIC LOCAL LAW;
MAKING CERTAIN LEGISLATIVE FINDINGS, AMONG OTHERS,
CONCERNING THE PUBLIC BENEFIT AND PURPOSE OF SUCH REVENUE
BONDS; PROVIDING THAT SUCH REVENUE BONDS AND THE INTEREST
THEREON SHALL BE LIMITED OBLIGATIONS OF ALLEGANY COUNTY,
PAYABLE BY ALLEGANY COUNTY SOLELY FROM THE REVENUE DERIVED
FROM LOAN REPAYMENTS (BOTH PRINCIPAL AND INTEREST) MADE TO
ALLEGANY COUNTY ON ACCOUNT OF SUCH LOAN AND FROM ANY OTHER
MONEYS MADE AVAILABLE TO ALLEGANY COUNTY FOR SUCH PURPOSE,
AND THAT NEITHER SUCH REVENUE BONDS NOR THE INTEREST THEREON
SHALL EVER CONSTITUTE AN INDEBTEDNESS OR A CHARGE AGAINST
THE GENERAL CREDIT OR TAXING POWERS OF ALLEGANY COUNTY
WITHIN THE MEANING OF ANY CONSTITUTIONAL PROVISION OR
STATUTORY LIMITATION AND NEITHER SHALL EVER CONSTITUTE OR
GIVE RISE TO ANY PECUNIARY LIABILITY OF ALLEGANY COUNTY;
AUTHORIZING AND EMPOWERING THE BOARD OF COUNTY COMMISSIONERS
OF ALLEGANY COUNTY, PRIOR TO THE ISSUANCE, SALE AND DELIVERY
OF SUCH REVENUE BONDS, TO ADOPT A RESOLUTION PURSUANT TO
WHICH THE BOARD OF COUNTY COMMISSIONERS SHALL DETERMINE,
PROVIDE FOR AND APPROVE MATTERS PERTAINING TO SUCH REVENUE
BONDS AS ARE REQUIRED BY SECTION 15(4) OF ARTICLE 25B OF THE
ANNOTATED CODE OF MARYLAND (1973 REPLACEMENT VOLUME AND 1979
CUMULATIVE SUPPLEMENT), AS AMENDED, AND MAY (1) PRESCRIBE
THE RATE OR RATES OF INTEREST SUCH REVENUE BONDS ARE TO
BEAR, AND THE FORM, TENOR, TERMS AND CONDITIONS OF AND
SECURITY FOR SUCH REVENUE BONDS, (2) DETERMINE, PROVIDE FOR
AND APPROVE VARIOUS OTHER MATTERS, DETAILS, DOCUMENTS AND
PROCEDURES IN CONNECTION WITH THE AUTHORIZATION, ISSUANCE,
SECURITY, SALE AND PAYMENT OF SUCH REVENUE BONDS, AND (3)
PROVIDE FOR THE ISSUANCE AND SALE (SUBJECT TO THE ENACTMENT
BY THE BOARD OF COUNTY COMMISSIONERS OF SUCH LEGISLATION, IF
ANY, AS MAY BE REQUIRED AT THE TIME) OF ONE OR MORE SERIES
OF ADDITIONAL BONDS AND ONE OR MORE SERIES OF REFUNDING
BONDS; EXEMPTING SUCH REVENUE BONDS FROM THE PROVISIONS OF