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ROBERT L. EHRLICH, JR., Governor S.B. 515
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used in this Act, the term "County" means that body politic
and corporate of the State of Maryland known as the County Commissioners of Cecil
County; and the term "construction and improvement of public facilities" means the
alteration, construction, reconstruction, enlargement, expansion, extension,
improvement, replacement, rehabilitation, renovation, upgrading and repair, and
related architectural, financial, legal, planning, designing, or engineering services, for
public capital projects in Cecil County, including any finance charges or interest prior
to or during such financing and any other costs or expenditures incurred by the
County in connection with the projects.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the costs of the public facilities described in
Section 1 of this Act, and to borrow money and incur indebtedness for that purpose, at
one time or from time to time, in an amount not exceeding, in the aggregate,
$36,100,000 and to evidence its borrowing by the issuance and sale upon its full faith
and credit of general obligation bonds in like amount, which may be issued at one
time or from time to time, in one or more groups or series, as the County may
determine.
SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
pursuant to a resolution of the County which shall describe generally the public
facilities for which the proceeds of the bond sale are intended and the amount needed
for those purposes. The County shall have and is hereby granted full and complete
authority and discretion in the resolution to fix and determine with respect to the
bonds of any issue: the designation, date of issue, denomination or denominations,
form or forms and tenor of the bonds which, without limitation, may be issued in
registered form within the meaning of Section 30 of Article 31 of the Annotated Code
of Maryland, as amended; the rate or rates of interest payable thereon, or the method
of determining the same, which may include a variable rate; the date or dates and
amount or amounts of maturity, which need not be in equal par amounts or in
consecutive annual installments, provided only that no bond of any issue shall mature
later than 30 years from the date of its issue; the manner of selling the bonds, which
may be at either public or private sale, for such price or prices as may be determined
to be in the best interests of the County; the manner of executing the bonds, which
may be by facsimile; the terms and conditions, if any, under which bonds may be
tendered for payment or purchase prior to their stated maturity; the terms or
conditions, if any, under which bonds may or shall be redeemed prior to their stated
maturity; the place or places of payment of the principal of and the interest on the
bonds, which may be at any bank or trust company within or without the State of
Maryland; and generally all matters incident to the terms, conditions, issuance,- sale,
and delivery thereof.
The County may enter into agreements with agents, banks, fiduciaries,
insurers, or others for the purpose of enhancing the marketability of and security for
the bonds and for the purpose of securing any tender option that may be granted to
holders of the bonds.
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- 3145 -
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