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ROBERT L. EHRLICH, JR., Governor
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H.B. 290
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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 Frederick County; the manner of
executing and sealing the bonds, which may be by facsimile; the terms and conditions
of a payment by the County of any unfunded liability of the County to the State
Retirement and Pension System of Maryland; 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 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.
The County may enter into agreements with agents, banks, fiduciaries,
insurers, or others for the purpose of enhancing the marketability of any 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 the delivery thereof, such signature shall nevertheless be valid and
sufficient for all purposes as if he had remained in office until such delivery. The
bonds and the issuance and sale thereof shall be exempt from the provisions of
Sections 2C, 9, 10, and 11 of Article 31 of the Annotated Code of Maryland.
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 may 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. Upon delivery of any
bonds to the purchaser or purchasers, payment therefor shall be made to the
Treasurer of Frederick County or such other official of Frederick County as may be
designated to receive such payment in a resolution passed by the County
Commissioners of Frederick County before delivery. For purposes of issuance and
sale, bonds authorized hereunder may be consolidated into a single issue with any
other bonds authorized to be issued by the County.
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
or to finance the payment of any unfunded liability of the County to the State
Retirement and Pension System of Maryland 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 or to finance the payment of any unfunded
liability of the County to the State Retirement and Pension System of Maryland, the
- 4025 -
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