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ROBERT L. EHRLICH, JR., Governor
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Ch. 75
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objective of the County, including improving the relationship of contribution costs to a
source of payments such as taxes, assessments, or other charges. Any findings made
by the County in the resolution regarding the public purposes achieved by the
issuance of bonds for such purposes shall be conclusive.
The bonds may be made redeemable before maturity, at the option of the County,
at such price or prices and under such terms and conditions as may be fixed by the
County prior to the issuance of the bonds, either in the resolution or in subsequent
resolutions. The bonds may be issued in registered form, and provision may be made
for the registration of the principal only. In case any officer whose signature appears
on any bond ceases to be such officer before the delivery thereof, such signature shall
nevertheless be valid and sufficient for all purposes as if the officer had remained in
office until such delivery. The bonds and the issuance and sale thereof shall be exempt
from the provisions of Sections 9, 10, and 11 of Article 31 of the Annotated Code of
Maryland, as amended.
The borrowing authorized by this Act may also be undertaken by the County in
the form of installment purchase obligations executed and delivered by the County for
the purpose of acquiring easements or similar or related rights in land that restrict
the use of agricultural land or woodland to maintain the character of the land as
agricultural or woodland. The form of installment purchase obligations, the manner
of accomplishing the acquisition of easements, which may be the direct exchange of
installment purchase obligations for easement, and all matters incident to the
execution and delivery of the installment purchase obligations and acquisition of the
easements by the County shall be determined in the resolution. Except where the
provisions of this Act would be inapplicable to installment purchase obligations, the
term "bonds" used in this Act shall include installment purchase obligations and
matters pertaining to the bonds under this Act, such as the security for the payment
of the bonds, the exemption of the bonds from State, County, municipal, or other
taxation, and authorization to issue refunding bonds and the limitation on the
aggregate principal amount of bonds authorized for issuance, shall be applicable to
installment purchase obligations.
The County may enter into agreements with agents, banks, fiduciaries,
insurers, or others for the purpose of enhancing the marketability of any security for
the bonds and for the purpose of securing any tender option that may be granted to
holders of the bonds, all as may be determined and presented in the aforesaid
resolution, which may (but need not) state as security for the performance by the
County of any monetary obligations under such agreements the same security given
by the County to bondholders for the performance by the County of its monetary
obligations under the bonds.
If the County determines in the resolution to offer any of the bonds by
solicitation of competitive bids at public sale, the resolution shall fix the terms and
conditions of the public sale and shall adopt a form of notice of sale, which shall
outline the terms and conditions, and a form of advertisement, which shall be
published in one or more daily or weekly newspapers having a general circulation in
the County and which may also be published in one or more journals having a
- 603 -
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