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VETOES
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H.B. 290
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excess funds so borrowed and not expended 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 shall adopt a resolution allocating the excess funds to the costs of
other public facilities.
SECTION 5. AND BE IT FURTHER ENACTED, That the borrowing authorized
by this Act to finance the payment of any unfunded liability of the County to the State
Retirement and Pension System of Maryland 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 payment liability costs in a manner that (a) in the aggregate effects a
reduction in the total cost of the County payment liability as described, 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 liability payment 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.
SECTION 12. 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
each and every fiscal year that any of the bonds are outstanding, the County shall
levy or cause to be levied ad valorem taxes upon all the assessable property within the
corporate limits of Frederick County in rate and amount sufficient to provide for or
assure the payment, when due, of the principal of and interest on all the bonds
maturing in each such fiscal year and, in the event the proceeds from the taxes so
levied in any such fiscal year shall prove inadequate for such payment, additional
taxes shall be levied in the succeeding fiscal year to make up any such deficiency. The
County may apply to the payment of the principal of and interest on any bonds issued
hereunder any funds received by it from the State of Maryland, the United States of
America, any agency or instrumentality thereof, or from any other source. If such
funds are granted for the purpose of assisting the County in financing the
construction, improvement, development, or renovation of the public facilities defined
in this Act and, to the extent of any such funds received or receivable in any fiscal
year, the taxes that might otherwise be levied under this Act, may be reduced or need
not be levied.
SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
further authorized and empowered, at any time and from time to time, to issue its
bonds in the manner herein above described for the purpose of refunding, by payment
at maturity or upon purchase or redemption, any bonds issued hereunder. The
validity of any such refunding bonds shall in no way be dependent upon or related to
the validity or invalidity of the obligations so refunded. The powers herein granted
with respect to the issuance of bonds shall be applicable to the issuance of refunding
bonds. Such refunding bonds may be issued by the County for the purpose of
providing it with funds to pay any of its outstanding bonds issued hereunder at
- 4026 -
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