4654

COUNTY LOCAL LAWS

Resolution No. 99-85

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 Development
Revenue Bonds (McCormick Properties, Inc. Project)," 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 McCormick Properties, Inc., a Maryland
corporation (hereinafter referred to as the "Borrower"), for the
sole and exclusive purpose of financing (i) the acquisition of
approximately 94 acres of land located on the south side of
Dorsey Road between Camp Meade Road and Maryland Route 3 (the
"Land"); (ii) the construction on 75 acres of the Land of
utilities, roads, rights of access (excluding buildings)
necessary for the development of the Land as an office/high
technology industrial park to be known as the International Trade
Center; (iii) the acquisition and construction of roads, water
lines and other utilities and other necessary or desirable
facilities, and the construction and installation of improvements
(excluding buildings) for the development of the Land as an
industrial park; (iv) the acquisition of such other interests in
land as may be necessary or desirable in connection with the
foregoing; (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 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 County from the Borrower dated October 18, 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 (without
limitation) 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