MONTGOMERY COUNTY

4149

Bill No. 8-80

Chapter 62

AN ACT and ORDINANCE authorizing and providing for the
issuance and sale from time to time by Montgomery County,
Maryland, of its revenue bonds, designated "Industrial
Development Revenue Bonds (Shemin Nurseries-Weyerhaeuser
Company Project)", in an aggregate principal amount not
exceeding $4,000,000, pursuant to the provisions of Section
266A through 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 Weyerhaeuser Company, a corporation of
the State of Washington, for the sole and exclusive purpose
of financing the acquisition by such corporation of an
industrial building in Montgomery County as provided in this
Act; authorizing the County Executive and the President of
the County Council to accept the Letter of Intent of such
corporation dated February 20, 1980, in order to further
evidence the County's commitment to participate in such
financing; making certain legislative findings, among
others, concerning the public benefit and purpose of the
revenue bonds; providing that such revenue bonds and the
interest thereon (a) shall be limited obligations of
Montgomery County, Maryland, payable solely from revenue
derived from loan repayments (both principal and interest)
made to Montgomery County, Maryland, on account of such loan
and from any other moneys made available to Montgomery
County, Maryland, for such purpose and (b) shall not ever
constitute, within the meaning of any constitutional or
charter provision or otherwise (i) an indebtedness of
Montgomery County, Maryland, or any other political
subdivision or (ii) a charge against the general credit or
taxing powers of Montgomery County, Maryland; providing that
this Act shall constitute a binding and enforceable
commitment by Montgomery County, Maryland, to the aforesaid
corporation to issue the revenue bonds so authorized;
authorizing the private (negotiated) sale of such revenue
bonds to an underwriter or underwriters for limited public
resale to sophisticated institutional investors; providing
that certain matters pertaining to such revenue bonds,
including (without limitation) rates, amounts, denominations
and dates of such revenue bonds, maturity or maturities
(within the limits herein prescribed), payment provisions
and prepayment and redemption provisions, shall be
determined administratively at or prior to the time of such
sale of such revenue bonds by resolution of the County
Council for Montgomery County approved by the County
Executive; delegating various matters in connection with
such revenue bonds to the County Executive or the Chief
Administrative Officer of the County; providing that the
County Council may determine administratively by resolution
or by other appropriate action all other matters pertaining
to the issuance, sale and delivery of such revenue bonds,
including (without limitation) (a) the form, contents,