HARFORD COUNTY

4099

effectuate the aforementioned sale of industrial development
revenue bonds, and any change in the maturity schedule of
the bonds, the interest rates payable, redemption feature in
the bonds, the amount of the industrial development revenue
bonds to be sold (not exceeding $800,000); authorizing the
execution of the statement of election required by Section
103(b) (6) (D) of the Federal Internal Revenue Code of 1954,
as amended; PROVIDING BY RESOLUTION OF THE HARFORD COUNTY
COUNCIL FOR THE METHOD OF DETERMINING OR PROVIDING FOR
INTEREST RATES, THE PRINCIPAL AMOUNT OF THE BONDS, MATURITY
SCHEDULES, REDEMPTION FEATURES, DENOMINATION OF THE BONDS,
AND SUCH AGREEMENTS AS MAY BE NECESSARY OR APPROPRIATE TO
THE ISSUANCE OF THE BONDS OR TO PROVIDE SECURITY TO THE
PURCHASERS OF THE BONDS; and generally providing for and
determining various matters in connection with the
authorization, security, sale and payment of such industrial
development revenue bonds indicating that this Ordinance has
no financial impact on Harford County, and further declaring
this Ordinance to be an emergency measure.

Approved July 10, 1980.

Bill No. 80-36 (as amended)

AN EMERGENCY ACT authorizing and empowering Harford
County, Maryland, to issue and sell its industrial
development revenue bonds, to be designated "Harford County,
Maryland Industrial Development Revenue Bonds (CBC Realty -
C-Mart Inc. Project)", in a principal amount not to exceed
Seven Hundred Thousand Dollars ($700,000) pursuant to the
provisions of Section 266(A) to 266(I), inclusive of Article
41 of the Annotated Code of Maryland (1971 Replacement
Volume 1979 Cumulative Supplement), as amended, for the sole
and exclusive purpose of financing the acquisition of an
industrial building in Harford County, Maryland, as provided
in this Ordinance; making certain legislative findings among
others, concerning the public benefit and purpose of such
industrial development revenue bonds; providing that such
industrial development bonds (a) shall be payable solely and
only from (i) revenue derived from payments by CBC Realty, a
Maryland Limited GENERAL Partnership, to Harford County,
Maryland, on account of such loan, (ii) any and all monies
realized from the sale of the collateral as described herein
and (iii) any and all monies received under the lease
assignment hereinafter mentioned, and (b) shall not
constitute, within the meaning of any constitutional or
Charter provision or otherwise, (i) indebtedness of Harford
County, Maryland, or of any other political subdivision,
(ii) a charge against the general credit or taxing powers of
Harford County, Maryland; or (iii) a capital project under
the Charter or local laws of Harford County, Maryland, or
laws of the State of Maryland; authorizing the private
(negotiated) sale of such industrial development revenue
bonds; prescribing certain details pertaining to such
industrial development revenue bonds, including (without