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MUNICIPAL CHARTERS
CUSTOMARY INSTRUMENTS IN CONNECTION THEREWITH AND THE
MAKING OF COVENANTS AND COMMITMENTS TO PROVIDE ADEQUATE
SECURITY TO THE PURCHASERS OF SUCH DEBT, (3) PROVIDE THAT SUCH
DEBT SHALL BE ISSUED AND SOLD IN ACCORDANCE WITH CHARTER
SECTION SC7-46 OR AS OTHERWISE PROVIDED BY APPLICABLE MARYLAND
PUBLIC GENERAL OR PUBLIC LOCAL LAW, AND (4) PROVIDE THAT THE
AUTHORITY CONTAINED IN SUCH SECTION SHALL BE ADDITIONAL AND
SUPPLEMENTAL TO OTHER BORROWING AUTHORITY PROVIDED TO THE
CITY; AMENDING CHARTER SECTION SC7-46 TO (1) PROVIDED THAT ANY
DEBT ISSUED UNDER THE CHARTER SHALL BE AUTHORIZED BY AN
ORDINANCE THAT DETERMINES A MAXIMUM PRINCIPAL AMOUNT OF SUCH
DEBT TO BE ISSUED, PROVIDES FOR THE PURPOSES FOR WHICH SUCH
DEBT SHALL BE EXPENDED, PLEDGES OR PROVIDES FOR THE PLEDGE OF
SECURITY FOR SUCH DEBT, AND REQUIRES THAT THE COUNCIL ADOPT A
RESOLUTION FIXING OR PROVIDING FOR CERTAIN DETAILS OF SUCH
DEBT, (2) SPECIFY THE MATTERS TO BE APPROVED, DETERMINED OR
PROVIDED FOR PURSUANT TO RESOLUTION AND THAT ANY SUCH
RESOLUTION MAY NOT BE PETITIONED TO REFERENDUM AND MAY BE
INTRODUCED AND ADOPTED AT A SINGLE SESSION OF THE COUNCIL, (3)
PROVIDE FOR THE SALE OF DEBT BY PRIVATE (NEGOTIATED) SALE
WITHOUT ADVERTISEMENT OR SOLICITATION OF COMPETITIVE BIDS OR
BY THE SOLICITATION OF COMPETITIVE BIDS AT PUBLIC SALE AFTER
PUBLICATION OR DISSEMINATION OF NOTICE OF THE SALE, AS
DETERMINED OR PROVIDED FOR BY THE COUNCIL BY RESOLUTION, (4)
AUTHORIZE COMPETITIVE BIDS TO BE DELIVERED BY ELECTRONIC,
FACSIMILE OR OTHER COMMERCIALLY REASONABLE MEANS, (5)
AUTHORIZE NOTICE OF ANY PUBLIC SALE TO BE PUBLISHED SOLELY IN
SUMMARY FORM OR DISSEMINATED SOLELY IN ELECTRONIC FORM
AND/OR IN ANY OTHER COMMERCIALLY REASONABLE MANNER AND
PROVIDING FOR OTHER MECHANICS OF ANY PRIVATE OR PUBLIC SALE, (6)
AUTHORIZE DEBT TO BE SOLD AT, ABOVE OR BELOW PAR VALUE AND FOR
CASH OR OTHER VALUABLE CONSIDERATION AND BEAR INTEREST AT A
RATE OR RATES THAT MAY BE FIXED OR VARIABLE OR DETERMINED BY
OTHER METHOD, (7) PROVIDE THAT NO PROVISION OR LIMITATION
CONTAINED IN THE CHARTER SHALL APPLY TO OR AFFECT THE ISSUANCE
OF DEBT PURSUANT TO CERTAIN SPECIFIED LAWS OF MARYLAND AND ANY
OTHER PUBLIC GENERAL OR PUBLIC LOCAL LAW, (8) REPEAL THE
PROVISIONS OF SUBSECTION I. OF FORMER SECTION SC7-46 RELATING TO
PAYMENT, EFFECT, TERMS, CONDITIONS, SECURITY, ETC. OF REVENUE
BONDS, (9) GENERALLY MAKE CERTAIN CLARIFYING AMENDMENTS TO
SECTION SC7-46, AND (10) DECLARE THAT ALL DEBT ISSUED PURSUANT TO
CHARTER SECTIONS SC7-45 AND SC7-46 PRIOR TO THE EFFECTIVENESS OF
THE AMENDMENTS PROVIDED FOR HEREIN ARE VALID, LEGAL AND
BINDING AND OF FULL FORCE AND EFFECT; PROVIDING THAT THIS TITLE
IS A FAIR SUMMARY OF SUCH CHARTER AMENDMENTS; AND PROVIDING
FOR THE PROCEDURES TO BE FOLLOWED FOR THE EFFECTIVENESS OF
THIS CHARTER AMENDMENT RESOLUTION.
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