4050

COUNTY LOCAL LAWS

sinking fund requirements, the interest rate or rates
payable on such industrial development revenue bonds at the
time of the sale of the industrial development revenue
bonds, the trustee to act under this public local law as a
trustee for all moneys to be received, the redemption
provisions and other matters pertaining to such revenue
bonds; to authorize the President of the Board of County
Commissioners or the County Administrative Assistant to take
all necessary and appropriate actions on behalf of the
County to effect the sale of such industrial development
revenue bonds; to provide that such Board of County
Commissioners may determine administratively, by resolution
or other appropriate action, all other matters pertaining to
the issuance, sale, and delivery of any series of such
industrial development revenue bonds, including (without
limitation) the provisions of trust between the County and
the trustee, the terms and provisions of a loan agreement
between the Industrial Concern and the County, the creation
of a fund to be held by the trustee and provision for its
disbursement, the investment of moneys held by the trustee,
the remedies of the bondholders from time to time in the
event of default, and the enactment of supplemental
ordinances and resolutions; and generally to provide for and
determine various matters in connection with the
authorization, issuance, security, sale, and payment of such
industrial development revenue bonds and related bond
anticipation notes.

Effective Date June 20, 1980.

Bill No. 3-80

AN ACT, to repeal Code Home Rule Bill No. 9-79
authorizing and empowering the County Commissioners of Kent
County, Maryland, to issue, sell (by private, negotiated
sale) industrial development revenue bonds, in an aggregate
principal amount not to exceed $8,500,000, pursuant to the
provisions of Sections 266A to 266-I, inclusive, of Article
41 of the Annotated Code of Maryland (1978 Replacement
Volume and 1978 Supplement), as amended, in order to loan
the proceeds thereof to Maine Egg Producers, a Maine
corporation, for the sole and exclusive purpose of financing
a portion of the costs of the acquisition by Maine Egg
Producers, of certain industrial buildings to be located in
Kent 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 Kent County, repayable by Kent County
solely from the revenue derived from loan repayments (both
principal and interest) made to Kent County on account of
such loan and from any other moneys made available to Kent
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