LAWS OF MARYLAND
Ch. 434

Approved May 19, 1989.

CHAPTER 434

(House Bill 752)

AN ACT concerning

Carroll County - Volunteer Fire Departments' Bond Issue

FOR the purpose of authorizing and empowering the County
Commissioners of Carroll County, from time to time, to
borrow not exceeding $2,000,000 in order to loan the
proceeds of such borrowing to volunteer fire departments in
Carroll County, Maryland, upon terms and conditions
determined by the County, to finance the construction of
additions and improvements to buildings and facilities of
the volunteer fire departments, and to finance the purchase
of fire and emergency related equipment by the volunteer
fire departments, and to effect such borrowing by the
issuance and sale to the highest bidder or bidders at public
sale of its general obligation serial maturity bonds in like
par amount; empowering the County to fix and determine, by
resolution, the form, tenor, interest rate or method of
arriving at the same, terms, including redemption and
registration provisions, conditions, maturities, and all
other details incident or necessary to the issuance, public
sale, and delivery of the bonds, without reference to the
provisions of §§ 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland; prescribing the method and
manner of selling the bonds at public sale; empowering the
County, subject to certain limitations, to sell the bonds
at, above, or below their par value; empowering the County
to refund any of the bonds purchased or redeemed in advance
of maturity; empowering and directing the County to apply to
the payment of principal and interest of the bonds and the
refunding bonds any funds received from the volunteer fire
departments, the State of Maryland, and the United States of
America, which may be properly allocable to those purposes;
empowering and directing the County to contract to levy and
to levy, impose, and collect annually ad valorem taxes
which, in addition to payments from volunteer fire
departments, and State and Federal allotments, if any, will
provide funds sufficient for the payment of the maturing
principal and interest; exempting the bonds and the
refunding bonds and the interest thereon and any income
derived therefrom from all State, County, and municipal
taxation in the State of Maryland; making technical
corrections; and providing generally for the issue and sale
of bonds evidencing the loan.

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