|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor
|
|
|
|
|
|
Ch. 75
|
|
|
|
|
|
|
|
|
|
|
|
|
improvement, or development of the public facilities defined in this Act, including the
water and sewer projects or the making of loans for the aforementioned fire or
emergency-related equipment, buildings, or other facilities for volunteer fire
departments in the County, or the financing of the payment of contributions to the
Carroll County Pension Plan, contributions to other postemployment benefits
provided by the County, or contributions to the length of service award program for
members of volunteer fire departments in the County and, to the extent of any such
funds received or receivable in any fiscal year, the taxes that are required to be levied
may be reduced accordingly.
SECTION 6. AND BE IT FURTHER ENACTED, That the County is further
authorized and empowered, at any time and from time to time, to issue its bonds in
the manner herein above described for the purpose of refunding, by payment at
maturity or upon purchase or redemption, any bonds issued hereunder. The validity
of any such refunding bonds shall in no way be dependent upon or related to the
validity or invalidity of the obligations so refunded. The powers herein granted with
respect to the issuance of bonds shall be applicable to the issuance of refunding bonds.
Such refunding bonds may be issued by the County for the purpose of providing it
with funds to pay any of its outstanding bonds issued hereunder at maturity, for the
purpose of providing it with funds to purchase in the open market any of its
outstanding bonds issued hereunder, prior to the maturity thereof, or for the purpose
of providing it with funds for the redemption prior to maturity of any outstanding
bonds issued hereunder which are, by their terms, redeemable, for the purpose of
providing it with funds to pay interest on any outstanding bonds issued hereunder
prior to their payment at maturity of purchase or redemption in advance of maturity,
or for the purpose of providing it with funds to pay any redemption or purchase
premium in connection with the refunding of any of its outstanding bonds issued
hereunder. The proceeds of the sale of any such refunding bonds shall be segregated
and set apart by the County as a separate trust fund to be used solely for the purpose
of paying the purchase or redemption prices of the bonds to be refunded.
SECTION 7. AND BE IT FURTHER ENACTED, That the County may, prior
to the preparation of definitive bonds, issue interim certificates or temporary bonds,
exchangeable for definitive bonds when such bonds have been executed and are
available for such delivery, provided, however, that any such interim certificates or
temporary bonds shall be issued in all respects subject to the restrictions and
requirements set forth in this Act. The County may, by appropriate resolution,
provide for the replacement of any bonds issued hereunder which shall have become
mutilated or lost or destroyed upon such conditions and after receiving such
indemnity as the County may require.
SECTION 8. AND BE IT FURTHER ENACTED, That any and all obligations
issued pursuant to the authority of this Act, their transfer, the interest payable
thereon, and any income derived therefrom in the hands of the holders thereof from
time to time (including any profit made in the sale thereof) shall be and are hereby
declared to be at all times exempt from State, County, municipal, or other taxation of
every kind and nature whatsoever within the State of Maryland. Nothing in this Act
shall prevent the County from authorizing the issuance and sale of bonds the interest
on which is not excludable from gross income for federal income tax purposes.
- 605 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
