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ROBERT L. EHRLICH, JR., Governor
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Ch. 525
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to finance the construction, improvement, or development of certain public
facilities in St. Mary's County, as herein defined, and to effect such borrowing by
the issuance and sale at public or private sale of its general obligation bonds in
like par 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; providing that 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; and relating generally to the issuance and sale of such
bonds.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of St. Mary's
County, and the term "construction, improvement, or development of public facilities"
means the acquisition, alteration, construction, reconstruction, enlargement,
equipping, expansion, extension, improvement, rehabilitation, renovation, upgrading,
and repair of public buildings and facilities and public works projects, including, but
not limited to, public works projects such as highways, roads, bridges and storm
drains, public school buildings and facilities, boating facilities, shore erosion and
other marine property, landfills, and recycling facilities, public operational buildings
and facilities such as buildings and facilities for County administrative use, capital
improvements to the Wicomico Shores Taxing District, County athletic facilities, the
community college, community swimming pools, public safety, health, and social
services, libraries, commuter air service facilities, refuse disposal buildings and
facilities, and parks and recreation buildings and facilities, together with the costs of
acquiring land or interests in land as well as any related architectural, financial,
legal, planning, or engineering services.
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,
$20,000,000 and to 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 for which the proceeds
of the bond sale are intended and the amount needed for those purposes. The County
- 3089 -
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