4652

COUNTY LOCAL LAWS

obligations; providing that approval of this Resolution by the
County Executive shall constitute the agreement of the County
Executive to report to the County Council on certain matters
pertaining to the bonds or other obligations; and generally
providing for, and determining, various matters in connection
with the issuance, sale, delivery and payment of such bonds or
other obligations.

Approved November 12, 1985.

Resolution No. 94-85

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 $5,000,000
designated "Anne Arundel County, Maryland Industrial Revenue
Bonds (Herrington Partnership 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 Herrington Partnership, a Maryland
general partnership (hereinafter referred to as the "Borrower"),
for the sole and exclusive purpose of financing a portion of (i)
the purchase of approximately 58.17 acres of land contiguous to
Herrington Harbour North and located on Route 259 in Tracey's
Creek, Anne Arundel County, Maryland (the "Land"); (ii) the
expansion and renovation of the existing yacht yard located on a
portion of the Land, including dredging, where necessary,
presently known as Tracey's Creek Marina; (iii) the construction
of buildings on a portion of the Land containing approximately
33,000 square feet, in the aggregate, which buildings will be
leased to various tenants for repair service facilities, storage
facilities, marine supply facilities and other marine service
facilities; (iv) the acquisition of travel lifts for hauling
boats; (v) the acquisition and installation of certain other
equipment and machinery that is necessary or useful in connection
with the operation of the facilities described above and the
other improvements on the Land for use as a comprehensive marine
service center; (vi) 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; (vii) the necessary costs of preparing, printing,
selling and issuing of the bonds or other obligations; (viii) the
funding of reserves; and (ix) 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