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2005 LAWS OF MARYLAND
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Ch. 146
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the inhabitants of Frederick County, shall be liberally construed to effect the purposes
hereof. All Acts and parts of Acts inconsistent with the provisions of this Act are
hereby repealed to the extent of such inconsistency.
SECTION 10. AND BE IT FURTHER ENACTED, That the borrowing
authorized by this Act may also be undertaken by the County in the form of
installment purchase obligations executed and delivered by the County for the
purpose of acquiring 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. The form of installment purchase obligations, the
manner of accomplishing the acquisition of easements, which may be by the direct
exchange of installment purchase obligations for easement, and all matters incident
to the execution and delivery of the installment purchase obligations and acquisition
of the easements by the County shall be determined in the resolution. Except where
the provisions of this Act would be inapplicable to installment purchase obligations,
the term "bonds" used in this Act shall include installment purchase obligations and
matters pertaining to the bonds under this Act, such as the security for the payment
of the bonds, the exemption of the bonds from State, county, municipal, or other
taxation, and authorization to issue refunding bonds and the limitation on the
aggregate principal amount of bonds authorized for issuance, shall be applicable to
installment purchase obligations.
SECTION 11. 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 this Act shall take effect
June 1, 2005.
Approved April 26, 2005.
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CHAPTER 146
(Senate Bill 370)
AN ACT concerning
State and Local Pension Systems - Uniform Management of Public
Employee Retirement Systems Act
- 986 -
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