4636                                              COUNTY LOCAL LAWS

Approved July 3, 1985.

Resolution No. 58-85

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,
certificates, or evidences of obligation as determined pursuant
to this Resolution in a principal amount not to exceed $4,900,000
designated "Anne Arundel County, Maryland Economic Development
Revenue Bonds (Oakland Hills Limited Partnership 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 Oakland Hills Limited Partnership, a
Maryland limited partnership (hereinafter referred to as the
"Borrower"), for the sole and exclusive purpose of financing (i)
the acquisition of approximately 9.102 acres of land located at
600-632 Oakland Hill Drive in the Third (3rd) Election District,
Anne Arundel County, Maryland (the "Land"); (ii) the renovation
of existing improvements on the Land, comprising 136 garden
apartments (57 one-bedroom and 79 two-bedroom) located in
seventeen buildings aggregating approximately 140,000 square feet
of space to be used as residential dwelling units, at least
twenty percent (20%) of which will be reserved for persons of low
or moderate income pursuant to Section 103(b)(4)(A) of the
Internal Revenue Code of 1954, as amended; (iii) the acquisition
and installation of certain equipment and machinery that is
necessary or useful in connection with the operation of the
buildings described in (ii) above and the other improvements on
the Land; (iv) the acquisition of such interests in land as may
be necessary or desirable for such buildings 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; authorising the County Executive of the County
to accept, on behalf of the County, the letter of intent to the
County from the Borrower dated May 2, 1985; providing that such
revenue bonds and other obligations (i) shall be payable solely
from revenue derived by the County in connection with the