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ROBERT L. EHRLICH, JR., Governor Ch. 526
the Installment Purchase Agreement described in the resolution, including, without
limitation, (a) the designation, (b) the date, (c) the purchase price thereunder (or the
maximum purchase price and the method of determining the final purchase price
subject to such limitation), (d) the maturity date of the Installment Purchase
Agreement (not exceeding 30 years from the date of execution and delivery of the
Installment Purchase Agreement) on which the final balance of the purchase price is
payable, (e) whether any portion of the purchase price will be payable prior to the
maturity date of the Installment Purchase Agreement, and, if so, the dates of
payments of any installments of the purchase price and the amounts of such
installments (or the methods or formula for determining such installment dates and
amounts), (f) the interest rate per annum (or the method of determining such rate)
payable on the Installment Purchase Agreement from time to time and the dates for
payment of such interest, (g) the terms and conditions, if any, under which the
Installment Purchase Agreement may or shall be redeemed prior to its maturity date,
(h) provisions relating to the registration and transfer of the Installment Purchase
Agreement, (i) the required signatures on the Installment Purchase Agreement and
all related documents, (j) the appointment of a paying agent and registrar for the
Installment Purchase Agreement, which may be the Director of Administration and
Finance of the County, any other employee of the County, any department of the
County government or any bank or trust company within or without the State of
Maryland having corporate trust powers, (k) 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, and (1)
generally all matters incident to the acquisition of the transfer development rights
and the terms, conditions, execution and delivery of the Installment Purchase
Agreement.
Each Installment Purchase Agreement may be made redeemable before
maturity, at the option of the County, at such price or prices and under such terms
and conditions as may be fixed by the County prior to the execution and delivery of
the Installment Purchase Agreement. The Installment Purchase Agreement shall be
in registered form. In case any officer whose signature appears on any bond or on any
coupon attached thereto ceases to be such officer before the delivery thereof, such
signature shall nevertheless be valid and sufficient for all purposes as if he or she had
remained in office until such delivery. Any Installment Purchase Agreements entered
into from time to time under the authority of this Act shall be specifically exempt
from the provisions of Article 31, §§ 9, 10, and 11 of the Annotated Code of Maryland.
SECTION 5. AND BE IT FURTHER ENACTED, That the Installment Purchase
Agreements hereby authorized shall constitute, and they shall be so recite, an
irrevocable pledge of the full faith and credit and unlimited taxing power of the
County to the payment of the maturing purchase price under the Installment
Purchase Agreements and the interest on the unpaid balance of that purchase price
as and when they become payable. In each and every year until all of the purchase
price payable under the Installment Purchase Agreements and the interest thereon
are paid in full, the County shall levy or cause to be levied ad valorem taxes on all the
assessable property within the corporate limits of the County in rate and amount
sufficient, together with any recordation tax revenues designated for such payments
and other available funds, to provide for or assure the payment, when due, of the
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