Ch. 581

1993 LAWS OF MARYLAND

SECTION 8. 9. AND BE IT FURTHER ENACTED, That any and all
obligations issued under this Act, their transfer, the interest payable on them and any
income derived from them from time to time (including any profit made in the sale or
exchange thereof) shall be and are hereby declared to be at all times exempt from State,
County, municipal or other taxation of every kind and nature whatsoever within the State
of Maryland.

Nothing in this Act shall prevent the County from authorizing the issuance and sale
of bonds the interest on which is not excludable from gross income for federal income tax
purposes.

SECTION 9. 10. AND BE IT FURTHER ENACTED, That the authority to
borrow money and issue bonds conferred on the County by this Act shall be deemed to
provide additional, alternative and supplemental authority for borrowing money and shall
be regarded as supplemental and additional to powers conferred upon the County by
other laws and may not be regarded as in derogation of any power now existing; and all
previously enacted laws authorizing the County to borrow money are hereby continued to
the extent that the power contained in them is continuing or has not been exercised,
unless any law is expressly repealed by this Act, and the validity of any bonds issued under
previously enacted laws is hereby ratified, confirmed and approved. This Act, being
necessary for the welfare of the inhabitants of the County, shall be liberally construed to
effect its purposes. All Acts and parts of Acts inconsistent with the provisions of this Act
are hereby repealed to the extent of any inconsistency.

SECTION 10. 11. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1993.

Approved May 27, 1993.                                                                                   

CHAPTER 581
(House Bill 1024)

AN ACT concerning

Cecil County - Public Facilities Bonds - Public-Schools

FOR the purpose of authorizing and empowering the County Commissioners of Cecil
County from time to time, to borrow not more than $11,768,000 $7,300,000 in order
to finance the cost of certain public facilities in Cecil County and to effect that
borrowing by the issuance and sale at public or private sale of its general obligation
bonds in like par amount; empowering the County to fix and determine, by
resolution, the form, tenor, interest rate or rates or method of determining the
same, terms, conditions, maturities, and all other details incident to the issuance
and sale of the bonds; empowering the County to issue refunding bonds for the
purchase or redemption of bonds in advance of maturity; empowering and directing
the County to levy, impose, and collect, annually, ad valorem taxes in rate and
amount sufficient to provide funds for the payment of the maturing principal of and
interest on the bonds; exempting the bonds and refunding bonds, and the interest

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