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2006 LAWS OF MARYLAND
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Ch. 75
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SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be
issued in accordance with a resolution of the County, which shall describe generally
the construction, improvement, or development of public facilities, including water
and sewer projects, the fire or emergency-related equipment, buildings, or other
facilities of volunteer fire departments in the County, the contributions to the Carroll
County Pension Plan, the contributions to other postemployment benefits provided by
the County, and the contributions to the length of service award program for members
of volunteer fire departments in the County, 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 for the best interests of Carroll County; the
manner of executing and sealing the bonds, which may be by facsimile; the terms and
conditions of any loans made to volunteer fire departments; the terms and conditions
of any contributions to the Carroll County Pension Plan, the terms and conditions of
any contributions to other postemployment benefits provided by the County, the
terms and conditions of any contributions to the length of service award program for
members of volunteer fire departments in the County, 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; covenants relating to compliance with applicable
requirements of federal income tax law, including (without limitation) covenants
regarding the payment of rebate or penalties in lieu of rebate; covenants relating to
compliance with applicable requirements of federal or state securities laws; and
generally all matters incident to the terms, conditions, issuance, sale, and delivery
thereof.
Bonds issued under the authority of this Act to finance the payment of
contributions to the Carroll County Pension Plan, a contribution to other
postemployment benefits provided by the County, or a contribution to the length of
service award program for members of volunteer fire departments in the County may
be issued for the public purposes of (i) realizing savings with respect to the aggregate
cost of the County payment liability being funded, on either a direct comparison or
present value basis; or (ii) structuring or restructuring contribution costs in a manner
that (a) in the aggregate effects a reduction in County pension costs, other
postemployment benefits costs or length of service award program costs, as applicable
or (b) is determined by the County to be in the best interests of the County, to be
consistent with the County's long-term financial plan, and to realize a financial
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