ANNE ARUNDEL COUNTY

4623

Laurel Race Course, Inc. to Laurel Racing Association Limited
Partnership of the Loan Agreement executed pursuant to Resolution
No. 79-80, adopted by the County Council of Anne Arundel County,
Maryland (the "County Council") on October 6, 1980, and approved
by the County Executive of Anne Arundel County, Maryland on
October 7, 1980 ("Resolution 79-80") as supplemented by a
Supplemental Loan Agreement executed pursuant to Resolution No.
6-82 adopted on February 1, 1982 by the County Council and
approved by the County Executive of Anne Arundel County, Maryland
on February 2, 1982 ("Resolution 6-82"), which resolutions
authorized the issuance of the Anne Arundel County, Maryland
Industrial Development Revenue Bonds (Laurel Race Course, Inc.
Project), 1980 Series and 1982 Series, respectively, in the
aggregate principal amounts of $1,300,000 and $1,200,000,
respectively (the "Bonds"); providing that the form of the Loan
Agreement as supplemented by the Supplemental Loan Agreement be
amended to substitute Laurel Racing Association Limited
Partnership, a Maryland limited partnership, for Laurel Race
Course, Inc. as borrower and to substitute First National Bank of
Maryland, as Trustee and Bond Registrar for Union Trust Company
of Maryland and to incorporate certain other changes as a result
of such substitutions; amending Resolution 79-80 and Resolution
6-82 to provide that the Bonds need not be executed by the
Director of Administration of the County and may be executed
solely by the County Executive of the County and the Secretary to
the County Executive of the County; amending Resolution 6-82 to
change the Taxable Rate (as defined in Resolution 6-82) so that
such Taxable Rate is at all times equal to the commercial prime
rate of interest in effect at The First National Bank of Maryland
and is adjusted on the first date any change in the such prime
rate is effective; approving the form and authorizing the
execution and delivery on behalf of Anne Arundel County, Maryland
of an Assignment, Assumption and Modification Agreement and a
release of Laurel Race Course, Inc. of all liability in
connection with the Bonds to be executed and delivered in
connection with the Bonds and the assumption thereof by Laurel
Racing Association Limited Partnership; generally providing for
and determining various matters and details in connection with
the consummation of the transactions contemplated by this
Resolution; and providing that the findings set forth in
Resolution No. 79-80 and Resolution No. 6-82 are hereby confirmed
with respect to Laurel Racing Association Limited Partnership, as
the substitute borrower.

Approved March 7, 1985.

Resolution No. 26-85

A RESOLUTION authorizing and providing for the issuance from
time to time by Anne Arundel County, Maryland (the "County"), of
one or more series of its revenue bonds, bond anticipation notes,
notes in the nature of commercial paper, and other instruments,