ANNE ARUNDEL COUNTY                                          4649

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 Regency Club Limited Partnership II, a Maryland
limited partnership (hereinafter referred to as the "Borrower"),
for the sole and exclusive purpose of financing (i) the
acquisition of approximately 10.75 acres of land located on
Smithy Square at Heritage Hill Drive, Glen Burnie, in the Fifth
(5th) Election District of Anne Arundel County, Maryland (the
"Land"); (ii) the construction on the Land of nine (9) two and
one half story buildings containing approximately 130,000 gross
square feet of living area to be used as a 120 unit residential
townhome and apartment complex consisting of 90 two bedroom and
30 three bedroom townhomes and apartments, with at least 20% of
the total number of occupancy tenants thereof being persons with
incomes not greater than 80% of the median gross income for the
area and who otherwise qualify under Section 103(b)(12)(C) 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; 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 September 9, 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 charter provision, or otherwise (a)
an indebtedness of the County or (b) a charge against the general
credit or taxing powers of the County; providing the maximum term
of maturity for the bonds or other obligations issued pursuant to
this Resolution; authorizing the County Executive of the County,
or the Director of Administration, Deputy Director of
Administration, Budget Officer, or Controller of the County with
the approval of the County Executive of the County, to specify,