ANNE ARUNDEL COUNTY

4647

with the issuance, sale, delivery and payment of such bonds or
other obligations.

Approved October 17, 1985.

Resolution No. 87-85

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 $2,400,000
designated "Anne Arundel County, Maryland Industrial Development
Revenue Bonds (Legum Cromwell Joint Venture Project), 1985
Series", 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), as amended
(the "Act") in order to loan the proceeds thereof to Legum
Cromwell, a Maryland joint venture comprised of Parkway
Industrial Center Limited Partnership, a Maryland limited
partnership and Cromwell Farms, Inc., a Maryland corporation
(hereinafter referred to as the "Borrower"), for the sole and
exclusive purpose of financing (i) the construction of a
one-story building consisting of approximately 55,000 square feet
to be constructed on 5 acres of land in the front portion of a
triangular-shaped tract of land presently owned by the Borrower,
consisting of approximately 102.66 acres known as "Business Park
at the Airport", located at the intersection of Hammonds Ferry
Road, Maryland Route 3 and Route 176 (Dorsey Road); (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
the present intent of the County to issue the revenue bonds and
other obligations so authorized and that the authority and
present intent 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