HARRY HUGHES, Governor                                     3119

(C) THE FUND SHALL BE MANAGED AND SUPERVISED AS PRESCRIBED
BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY. THE FUND
SHALL BE INVESTED AND REINVESTED IN THE SAME MANNER AS OTHER
COUNTY FUNDS. ANY INVESTMENT EARNINGS ON THE FUND (INCLUDING
INTEREST ON LOANS MADE FROM THE FUND) TO THE EXTENT NOT EXPENDED
OR OBLIGATED WITHIN ANY FISCAL YEAR SHALL BE PAID INTO THE COUNTY
GENERAL FUND.

(D) (1) IN ORDER TO PROVIDE MONEYS FOR APPROPRIATION TO THE
FUND, THE COUNTY IS HEREBY AUTHORIZED AND EMPOWERED TO BORROW
MONEY AND INCUR INDEBTEDNESS. TO EVIDENCE SUCH BORROWING, THE
COUNTY IS HEREBY AUTHORIZED AND EMPOWERED TO ISSUE AND SELL UPON
ITS FULL FAITH AND CREDIT GENERAL OBLIGATION BONDS AT ANY TIME
AND FROM TIME TO TIME FOR SUCH PURPOSES, PROVIDED THAT THE
AGGREGATE PRINCIPAL AMOUNT OF BONDS ISSUED AND OUTSTANDING UNDER
THIS SECTION, TOGETHER WITH THE PRINCIPAL AMOUNT OF ANY
ALTERNATIVE FINANCING PURSUANT TO SUBSECTION (K) HEREOF, SHALL
NOT EXCEED $2,000,000. THE AUTHORITY TO ISSUE GENERAL OBLIGATION
BONDS CONFERRED HEREBY SHALL BE DEEMED TO PROVIDE AN ADDITIONAL
AND ALTERNATIVE AUTHORITY FOR BORROWING MONEY AND SHALL BE
REGARDED AS SUPPLEMENTAL AND ADDITIONAL TO ANY AUTHORITY TO ISSUE
GENERAL OBLIGATION BONDS CONFERRED BY OTHER LAWS.

(2) THE BONDS SHALL BE ISSUED PURSUANT TO A
RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY
WHICH SHALL STATE THAT THE PROCEEDS OF THE BONDS, AFTER PAYING
THE COST OF ISSUANCE, INCLUDING THE EXPENSE OF ENGRAVING,
PRINTING, ADVERTISING, ATTORNEYS' FEES AND ALL OTHER INCIDENTAL
EXPENSES CONNECTED WITH SUCH ISSUANCE, SHALL BE USED SOLELY AND
EXCLUSIVELY FOR THE PURPOSES SET FORTH IN THIS SECTION AND SHALL
SET FORTH THE AMOUNT NEEDED FOR SUCH PURPOSES.

(3) THE COUNTY SHALL HAVE AND IS HEREBY GRANTED FULL
AND COMPLETE AUTHORITY AND DISCRETION IN THE RESOLUTION TO FIX
AND DETERMINE:

(I) THE DESIGNATION, DATE OF ISSUE,
DENOMINATION OR DENOMINATIONS, FORM OR FORMS, AND TENOR OF THE
BONDS;

(II) THE RATE OR RATES OF INTEREST PAYABLE
THEREON, OR THE METHOD OF DETERMINING THE SAME;

(III) 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 TWENTY-FIVE (25) YEARS FROM THE
DATE OF ITS ISSUE;

(IV) 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 THE COUNTY;

(V) THE MANNER OF EXECUTING AND SEALING THE
BONDS, WHICH MAY BE BY FACSIMILE;