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2005 LAWS OF MARYLAND
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Ch. 480
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evidence such borrowing by the issuance and sale upon its full faith and credit of
general obligation bonds in like par 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 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, and a contribution to the
Carroll County Pension Plan, 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 a contribution to the Carroll County Pension Plan, 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 a
contribution to the Carroll County Pension Plan 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 pension contribution costs in a manner that (a) in the
aggregate effects a reduction in the total cost of County pension costs, 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 objective of the
County, including improving the relationship of pension 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.
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