3116                                          LAWS OF MARYLAND                                     Ch. 675

CHAPTER 676

(House Bill 1076)

AN ACT concerning

St. Mary's County - Fire Fighting and Rescue Equipment
and Facilities - Special Fund

FOR the purpose of repealing the existing authority of the County
Commissioners of St. Mary's County to make loans to
volunteer fire companies for financing equipment purchases
or other capital improvement projects; creating the St.
Mary's County Capital Revolving Financial Fund for fire
fighting equipment and facilities; providing for the funding
of the Fund by and authorizing the County Commissioners to
borrow certain amounts of money from the proceeds of certain
public facilities bonds and to evidence this borrowing by
the issuance and sale upon its full faith and credit of
general obligation bonds, provided that the aggregate
principal amount of bonds so issued and outstanding,
together with the principal amount of certain other
financing, shall not exceed $2,000,000; 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 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 the interest
thereon and any income derived therefrom from all State,
county, municipal and other taxation in the State of
Maryland; defining terms; authorizing the County
Commissioners to make certain low interest loans from the
Fund to volunteer fire, ambulance, and rescue companies
departments to finance equipment purchases, the construction
of facilities, and related purposes; establishing procedures
for applying for, review, and evaluation; approval and
limitation of loans the application for and the review and
approval of the loans; establishing certain limits for the
amounts of the loans under certain circumstances; providing
for the securing of the loans by appropriate documents and
instruments; authorizing the County to enter into
alternative financing arrangements to finance equipment
purchases and land acquisition and construction costs on
behalf of volunteer fire, ambulance, and rescue departments;
and generally relating to the creation and administration of
the St. Mary's County Capital Revolving Financial Fund for
financing fire fighting and rescue equipment, services, and
facilities.

BY repealing