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Ch. 472
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1452
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LAWS OF MARYLAND
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estimates of costs and of revenues, administrative expenses
necessary or incident to determining the feasibility or
practicability of the project and the development of the grounds
and landscaping thereof, all customary permanent appurtenances,
furnishings and equipment appropriate to the full use thereof,
financing charges, interest prior to and during construction (and
if deemed necessary by the County for a limited period after
completion of construction), reserves for principal and interest
and for extensions, enlargements, additions and improvements, and
such other expenses as may be necessary or incident to the
construction of additions and improvements to Frederick Memorial
Hospital and the financing or refinancing of such additions and
improvements including expenses of issuance of the bonds herein
authorized. "Frederick Memorial Hospital, Inc." means the
private nonsectarian eleemosynary corporation that operates
Frederick Memorial Hospital in Frederick County.
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SECTION 2. AND BE IT FURTHER ENACTED, That the County is
hereby authorized and empowered to finance the construction of
additions and improvements to Frederick Memorial Hospital, as
defined in Section 1 of this Act, and, in order to make such
financing possible said County is hereby granted the power and
authority to borrow money and incur indebtedness for such
purpose, at one time or from time to time, in an amount not
exceeding in the aggregate thirty million dollars ($30,000,000)
and to evidence such borrowing by the issuance and sale upon its
full faith and credit of its general obligation bonds in like
principal amount, upon the terms and conditions hereinafter set
forth. Such bonds may be issued at one time or from time to
time, in one or more issues or series, as the County may
determine.
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SECTION 3. AND BE IT FURTHER ENACTED, That subject to the
foregoing limitations, the County shall, before borrowing any
money or issuing any bonds pursuant to the authority of this Act,
adopt a resolution describing generally the projects of
construction, reconstruction, development, improvement and of
additions and improvements to modernization of buildings and
facilities of Frederick Memorial Hospital for which said
borrowing or indebtedness is intended, the amount needed for said
purposes, and determining to borrow money or incur indebtedness
for all or a part of the amount so needed, and to issue its bonds
to evidence such borrowing or indebtedness provided that no bond
of any issue shall mature later than thirty-five (35) years from
the date of issue of said issue or series. Subject to the
limitations herein contained, said County shall have and is
hereby granted full and complete authority and discretion to fix
and determine, in said resolution, the date, denomination or
denominations, designation, form and tenor of any such bonds, the
rate or rates of interest payable thereon or the method of
arriving at the same, the date or dates upon which said bonds
shall respectively mature and be payable (which need not be in
equal principal amounts or in consecutive annual installments),
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