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ROBERT L. EHRLICH, JR., Governor
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Ch. 388
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to be in the best interests of the County; the manner of executing the bonds, which
may be by facsimile; 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; and generally all matters incident to the terms, conditions, issuance, sale,
and delivery thereof.
The County may enter into agreements with agents, banks, fiduciaries,
insurers, or others for the purpose of enhancing the marketability of and security for
the bonds and for the purpose of securing any tender option that may be granted to
holders of the bonds.
In case any officer whose signature appears on any bond ceases to be such
officer before delivery, the signature shall nevertheless be valid and sufficient for all
purposes as if the officer had remained in office until delivery. The bonds and their
issue and sale shall be exempt from the provisions of Sections 9, 10, and 11 of Article
31 of the Annotated Code of Maryland, as amended.
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
circulation primarily among banks and investment bankers. At least one publication
of the advertisement shall be made not less than 10 days before the sale of bonds.
Upon delivery of any bonds to the purchaser or purchasers, payment shall be
made to the Treasurer of Cecil County or such other official of the County as may be
designated to receive payment in a resolution passed by the County Commissioners of
Cecil County before delivery.
SECTION 4. AND BE IT FURTHER ENACTED, That the net proceeds of the
sale of bonds shall be used and applied exclusively and solely for the public facilities
for which the bonds are sold.
If the net proceeds of the sale of any issue of bonds exceeds the amount needed
to finance the public facilities described in the resolution, the excess funds shall be
applied to the payment of the next principal maturity of the bonds or to the
redemption of any part of the bonds which have been made redeemable or to the
purchase and cancellation of bonds, unless the County adopts a resolution allocating
the excess funds to the construction, improvement, or development of other public
facilities.
SECTION 5. AND BE IT FURTHER ENACTED, That the bonds hereby
authorized shall constitute, and they shall so recite, an irrevocable pledge of the full
faith and credit and unlimited taxing power of the County to the payment of the
maturing principal of and interest on the bonds as and when they become payable. In
- 1803 -
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