ANNE ARUNDEL COUNTY

4631

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,
certificates, or evidences of obligation as determined pursuant
to this Resolution in a principal amount not to exceed $5,025,000
designated "Anne Arundel County, Maryland Economic Development
Revenue Bonds ("Frank Facility"), pursuant to the provisions of
the Maryland Economic Development Revenue Bond Act, Sections 266A
through 266-I, inclusive, of Article 41 of the Annotated Code of
Maryland (1982 Replacement Volume and 1984 Cumulative Supplement)
(the "Act"), in order to lend the proceeds thereof to George R.
Frank, resident of the State of Maryland and initial owner of the
Facility (hereinafter referred to as the "Borrower"), for the
sole and exclusive purpose of financing (i) the acquisition of
approximately 7.3 acres of land located at Lot 15, Baltimore
Commons Business Park, Anne Arundel County, Maryland (the
"Land"); (ii) the construction on the Land of a building
containing approximately 120,000 square feet to be used as a
manufacturing plant (to be leased by the Borrower to The Sheet
Metal Coating 6 Litho Company, a Maryland corporation, T/A
GRAFCO); (iii) the acquisition and installation of certain
equipment and machinery that is necessary or useful in connection
with the operation of the building described in (ii) above and
the other improvements on the Land (which machinery is to be
sold/transferred to The Sheet Metal Coating & Litho Company by
Borrower at his cost for use by The Sheet Metal Coating & Litho
Company exclusively in connection with the operation of that
building and other improvements on the Land); (iv) the
acquisition of such interests in land as may be necessary or
desirable for such building together with roads, other rights of
access, utilities, and other necessary facilities; (v) the
necessary costs of preparing, printing, selling, and issuing of
the bonds or other obligations; (vi) the funding of reserves; and
(vii) the payment of interest with respect to such financing or
to refund outstanding bonds issued under the Act, all as provided
in this Resolution; making certain findings and determinations,
among others, concerning the public benefit and purpose of the
revenue bonds and other obligations authorized to be issued
hereby; providing that this Resolution shall constitute a
commitment to issue the revenue bonds and other obligations so
authorized and that the authority and commitment of the County to
issue revenue bonds and other obligations pursuant to this
Resolution shall be of a limited duration and making provision
for the extension of the authority contained herein; authorizing
the County Executive of the County to accept, on behalf of the
County, the letter of intent to the County from the Borrower
dated April 1, 1985; providing that such revenue bonds and other
obligations (i) shall be payable solely from revenue derived by
the County in connection with the financing of the facility,
including, but not limited to, loan repayments (both principal
and interest) made to the County by the Borrower or from the
proceeds of bonds or other obligations issued for the purposes of
refunding other obligations, and (ii) shall not ever constitute,
within the meaning of any statutory limitation, constitutional or