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ROBERT L. EHRLICH, JR, Governor Ch. 145
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, to finance the payment of any unfunded liability of the County to
the State Retirement and Pension System of Maryland, and to borrow money and
incur indebtedness for that purpose those purposes, at one time or from time to time,
in an amount not exceeding, in the aggregate, $60,000,000 $66,000,000 and to
evidence such borrowing by the issuance and sale upon its full faith and credit of
general obligation bonds, 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
pursuant to a resolution of the County, which shall describe generally the public
facilities, and the unfunded liability of the County to the State Retirement and
Pension System of Maryland, for which the proceeds of the bond sale are intended and
the amount needed for those purposes. The County shall have and is hereby granted
full and complete authority and discretion in the resolution to fix and determine with
respect to the bonds of any issue: the designation, date of issue, denomination or
denominations, form or forms, and tenor of the bonds which, without limitation, may
be issued in registered form within the meaning of Section 30 of Article 31 of the
Annotated Code of Maryland, as amended; the rate or rates of interest payable
thereon, or the method of determining the same, which may include a variable rate;
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.
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