WILLIAM DONALD SCHAEFER, Governor Ch. 451
the interest on which is not excludable from gross income
for federal income tax purposes; and relating generally to
the issuance and sale of such bonds.
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body
politic and corporate of the State of Maryland known as the Board
of County Commissioners of St. Mary's County, and the term
"construction, improvement or development of public facilities"
includes the following:
(a) Construction, acquisition, improvement, rehabilitation,
repair, and furnishing and equipping of public school buildings,
sites, and grounds; and
(b) Highway and Bridge construction, reconstruction and
surfacing together with any planning, architectural and
engineering services related to the foregoing public facilities;
and
(c) Construction of storm water drainage facilities;
together with any planning, architectural and engineering
services related to the foregoing public facilities; and
(d) Construction, improvement, rehabilitation, repair and
furnishing and equipping of a detention facility, site and
grounds; and
(e) Construction, acquisition, improvement, of airport
facilities and grounds; and
(f) Construction of new buildings, additions to,
improvements of existing county-owned buildings and facilities
and acquisition of equipment therefor.
SECTION 2. AND BE IT FURTHER ENACTED, That the County is
hereby authorized to finance any part of the costs of the
facilities described in Section 1 of this Act, and to borrow
money and incur indebtedness for that purpose, at one time or
from time to time, in an amount not exceeding, in the aggregate,
$10,000,000 and to evidence such borrowing by the issuance and
sale upon its full faith and credit of general obligation bonds
in like par amount, which may be issued at one time or from time
to time, in one or more groups or series, as the County may
determine.
SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall
be issued in accordance with a resolution of the County which
shall describe generally the construction, improvement, or
development of public facilities for which the proceeds of the
- 2187 -
|
|