4642                                              COUNTY LOCAL LAWS

Approved August 26, 1985.

Resolution No. 67-85

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 $1,127,000
designated "Anne Arundel County, Maryland Economic Development
Revenue Bonds (Optic Graphics, Inc. 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 Optic Graphics, Inc., a Maryland corporation
(hereinafter referred to as the "Borrower"), for the sole and
exclusive purpose of financing (i) construction in connection
with the Borrower's loose leaf binder manufacturing facility
located at 101 Dover Road, Glen Burnie, in the Third (3rd)
Election District of Anne Arundel County, Maryland (the "Land"),
such construction consisting of the addition of a one-story
building containing approximately 10,000 square feet; (ii) the
acquisition and installation of certain equipment and machinery
that is necessary or useful in connection with the operation of
the building described in (i) above and the other improvements on
the Land; (iii) 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; (iv) the necessary costs of preparing, printing,
selling, and issuing of the bonds or other obligations; (v) the
funding of reserves; and (vi) 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 July 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