958

LAWS OF MARYLAND

Ch. 275

Approved May 8, 1984.

CHAPTER 276

(House Bill 1636)

AN ACT concerning

Bond Issue for Volunteer Fire Departments

FOR the purpose of authorizing and empowering the County
Commissioners of Carroll County, from time to time, to
borrow not exceeding $1,000,000, in order to loan the
proceeds of such borrowing to volunteer fire departments in
Carroll County, Maryland, upon terms and conditions
determined by said County, to finance the construction of
additions and improvements to buildings and facilities of
said volunteer fire departments, and to finance the purchase
of fire and emergency related equipment by said volunteer
fire departments, and to effect such borrowing by the
issuance and sale to the highest bidder or bidders at public
sale of its general obligation, serial maturity bonds in
like par amount; empowering . said County to fix and
determine, by resolution, the form, tenor, interest rate or
method of arriving at the same, terms, including redemption
and registration provisions, conditions, maturities, and all
other details incident or necessary to the issuance, public
sale, and delivery of said bonds, without reference to the
provisions of Sections 9, 10, and 11 of Article 31 of the
Code of Public General Laws of Maryland (1983 Replacement
Volume); prescribing the method and manner of selling said
bonds at public sale; empowering said County, subject to
certain limitations, to sell said bonds at, above, or below
the par value thereof; empowering said County to refund any
of said bonds purchased or redeemed in advance of maturity;
empowering and directing said County to apply to the payment
of principal and interest of said bonds and said refunding
bonds any funds received from said volunteer fire
departments, the State of Maryland, and the United States of
America, which may be properly allocable to said purposes;
empowering and directing said County to contract to levy and
to levy, impose, and collect annually ad valorem taxes
which, in addition to payments from said volunteer fire
departments, and State and Federal allotments, if any, will
provide funds sufficient for the payment of said maturing
principal and interest; exempting said bonds and said
refunding bonds and the interest thereon and any income
derived therefrom from all State, County, and municipal
taxation in the State of Maryland; making technical
corrections; and providing generally for the issue and sale
of bonds evidencing the loan.