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Ch. 145 2005 LAWS OF MARYLAND
CHAPTER 145
(Senate Bill 359)
AN ACT concerning
Frederick County - Public Facilities Bonds
FOR the purpose of authorizing and empowering the County Commissioners of
Frederick County, from time to time, to borrow not more than $60,000,000
$66,000,000 in order to finance the cost of certain public facilities in Frederick
County, as herein defined, to finance the payment of any unfunded liability of
the County to the State Retirement and Pension System of Maryland, and to
effect such borrowing by the issuance and sale at public or private sale of its
general obligation bonds; 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; providing that such borrowing may be undertaken
by Frederick County in the form of installment purchase obligations executed
and delivered by Frederick County for the purpose of acquiring agricultural land
and woodland preservation easements; providing that such borrowing may be
undertaken by Frederick County to finance the payment of any unfunded
liability of Frederick County to the State Retirement and Pension System of
Maryland for certain public purposes; and generally relating to the issuance and
sale of the bonds by Frederick County.
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 Frederick
County, and the term "public facilities" means the cost of construction and
reconstruction of capital projects, including but not limited to landfill projects, public
schools, roads, bridges, flood control projects, solid waste facilities, water and leachate
treatment facilities, libraries, easements or similar or related rights in land that
restrict the use of agricultural land or woodland to maintain the character of the land
as agricultural land or woodland, and communication systems, including the
development of property, the acquisition and installation of equipment and
furnishings, together with any related architectural, financial, legal, planning, or
engineering services.
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