KENT COUNTY

4053

AN ACT authorizing and empowering County Commissioners
of Kent County (the "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 $6,000,000,
pursuant to the provisions of Sections 266-A 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 Austin J.
DeCoster, a proprietor residing in Kent County, Maryland,
for the sole and exclusive purpose of financing a portion of
the costs of the acquisition by Austin J. DeCoster of
certain industrial buildings to be located in Kent County,
Maryland, 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 the County, payable by the County
solely from the revenue derived from loan repayments (both
principal and interest) made to the County on account of
such loan and from certain other moneys made available to
the 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 the County within the meaning of any
constitutional provision or statutory limitation and that
neither shall ever constitute or give rise to any pecuniary
liability of the County; authorizing and empowering the
Board of County Commissioners of Kent County, prior to the
issuance, sale, and delivery of such revenue bonds, to adopt
a resolution pursuant to which the Board of County
Commissioners of Kent County 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 for such revenue bonds, and (3)
provide for the issuance and sale (subject to the enactment
by the Board of County Commissioners of Kent County 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 Sections 9 to 11, inclusive, of Article 31 of
the Annotated Code of Maryland (1976 Replacement Volume and
1979 Cumulative Supplement), as amended; and generally
providing for and determining various matters and details in
connection with the authorization, issuance, security, sale,
and payment of such revenue bonds; and further declaring
this bill to be an emergency bill.

Effective Date November 18, 1980.