2408

LAWS OF MARYLAND

Ch. 433

estimates of cost and of revenues, administrative expenses
necessary or incident to determining the feasibility or
practicability of the public facilities and such other expenses
as may be necessary or incident to the planning, design,
acquisition, construction and equipping of the public facilities,
the financing or refinancing of such planning, design,
acquisition, construction and equipping, and placing the public
facilities in operation.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is
hereby authorized and empowered to finance any part or all of the
costs of the public facilities, as defined in Section 1 of this
Act, and to borrow money and incur indebtedness for that purpose,
at one time or from time to time, in a principal amount not
exceeding, in the aggregate, $1,000,000, and to evidence its
borrowing by the issuance and sale upon its full faith and credit
of its general obligation bonds in like par amount, 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 Board which shall
describe generally the public facilities for which proceeds of
the bond sale are intended and the amount needed for such
purpose. 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; 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 the 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 in the best interests of the County; the manner
of executing and sealing the bonds, which may be by facsimile;
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; the collateral, if any,
to be pledged or assigned to the payment of principal of and
interest on the bonds; and generally all matters incident to the
terms, conditions, issuance, sale and delivery of the bonds.

The County may enter into agreements with agents, banks,
fiduciaries, insurers or others for the purpose of enhancing the
marketability of and security for the bonds and for the purpose
of securing any tender option that may be granted to holders of
the bonds.

The bonds may be made redeemable before maturity, at the
option of the County, at such price or prices and under such
terms and conditions as may be fixed by the County prior to the
issuance of the bonds, either in the resolution or in subsequent