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2005 LAWS OF MARYLAND
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Ch. 388
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finance the cost of the construction and improvement of certain public facilities
in Cecil County and to effect that borrowing by the issuance and sale at public or
private sale of its general obligation bonds in like amount; empowering the
County to fix and determine, by resolution, the form, tenor, interest rate or rates
or method of determining the same, terms, conditions, maturities, and all other
details incident to the issuance and sale of the bonds; empowering the County to
issue refunding bonds for the purchase or redemption of bonds in advance of
maturity; empowering and directing the County to levy, impose, and collect,
annually, ad valorem taxes in rate and amount sufficient to provide funds for
the payment of the maturing principal of and interest on the bonds; exempting
the bonds and refunding bonds, and the interest thereon and any income
derived therefrom, from all State, county, municipal, and other taxation in the
State of Maryland; and relating generally to the issuance and sale of the bonds
by Cecil County.
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, $28,100
$28,100,000 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
- 1802 -
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