ANNE ARUNDEL COUNTY

4699

of the County for the fiscal year ending June 30, 1985 or in such
capital budgets for prior fiscal years, or usable portions
thereof; reaffirming and clarifying the guides and standards
relating to the borrowing of money to finance said capital
projects heretofore adopted; listing the capital projects to be
financed in whole or in part from the proceeds of sale of the
bonds hereby authorized, the usable portions, estimated costs and
probable useful lives thereof; showing compliance with the
limitations on the power of the County to incur indebtedness;
providing for essential flexibility in the financing of said
capital projects and the issuance of said bonds by authorization
of said bond anticipation notes to be repaid from the proceeds of
the sale of said bonds; prescribing the procedure for the
issuance and sale of said bond anticipation notes and bonds;
empowering the County Executive, or the Director of
Administration if authorized by the County Executive, subject to
said guides and standards, to determine the time and method for
the sale of said bond anticipation notes and the forms thereof
and the time, place, and procedure for the public sale of said
bonds, the form or forms thereof and other details with respect
thereto and to the sale thereof; providing that such bond
anticipation notes may be issued as notes in the nature of
commercial paper; covenanting to appropriate sufficient revenues
in each fiscal year following the issuance of said bonds to pay
the maturing principal thereof and the interest thereon and to
meet said appropriation either by revenues derived from
self-liquidating projects or from the proceeds of ad valorem
taxes, or a combination of both; pledging the ad valorem taxes,
or a combination of both; pledging the full faith and credit of
Anne Arundel County, Maryland, to the payment of the bonds and
bond anticipation notes issued hereunder and the interest
thereon, when due; prescribing the maximum aggregate amount of
such bonds which may be issued in each of the fiscal years ending
June 30, 1985, June 30, 1986 and June 30, 1987; covenanting that
the proceeds of said bonds, or any monies which may be deemed to
be proceeds, will not be used in a manner to cause said bonds to
be arbitrage bonds; cancelling, rescinding, and repealing
authority to issue certain bonds only to the extent said
authority has not been previously exercised under Bills No. 1-71,
82-71, 93-72, 139-72, 140-72, 95-73, 71-74, 112-74, 80-75, 91-76,
86-77, 63-78, 98-79, 114-80, 128-81, 107-82, and Bill No. 58-83;
and; ratifying, confirming and validating the previous
authorization, issuance, sale and delivery of bonds and bond
anticipation notes pursuant to such authority; generally
providing for the consolidation and authorization of a borrowing
program for Anne Arundel County, Maryland and matters generally
related thereto.

Approved June 21, 1984.

Bill No. 66-84
AN ORDINANCE concerning