(5) A COUNTY MAY APPLY TO THE PAYMENT OF THE INTEREST OR ANY
NOTES ISSUED UNDER THE PROVISIONS,, OF THIS. SECTION FUNDS. GRANTED OR
OTHERWISE MADE AVAILABLE TO THE COUNTY FOR FINANCING THE
CONSTRUCTION AND IMPROVEMENTS BY:                                           

(I)       THE STATE OR ANY AGENCY OR INSTRUMENTALITY OF THE
STATE, EXCEPT FOR THE. STATE SHARE ALLOCATED UNDER THIS SECTION FOR
PUBLIC SCHOOL CONSTRUCTION AND PUBLIC SCHOOL CAPITAL IMPROVEMENTS;

(II)     THE FEDERAL GOVERNMENT OR AN AGENCY OR
INSTRUMENTALITY OF THE FEDERAL GOVERNMENT; OR             

(III)    ANY OTHER SOURCE.                     

(D)     THE COUNTY MAY EXPEND THE NET PROCEEDS OF THE SALE OF AN
ISSUE OF NOTES ONLY TO PAY THE COSTS OF PUBLIC SCHOOL CONSTRUCTION OR
PUBLIC SCHOOL CAPITAL IMPROVEMENT PROJECTS THAT HAVE BEEN APPROVED
AT ANY TIME BY THE BOARD OF PUBLIC WORKS IN ANTICIPATION OF STATE FUNDS
FOR ALL OR A PART OF THOSE CONSTRUCTION OR IMPROVEMENT PROJECTS OR TO
REFUND ONE OR MORE ISSUES OF NOTES.

(E)      (1) THE NOTES SHALL BE AUTHORIZED BY A RESOLUTION.
(2) THE AUTHORIZING RESOLUTION SHALL:

(I)       CITE THE AUTHORITY FOR THE ISSUANCE OF THE NOTES AND
THE AMOUNT AUTHORIZED; AND                                                         

(II)     FIX:

1.        THE. MATURITY OR MATURITIES;

2.        THE INTEREST RATE OR RATES OR MANNER OF
DETERMINING THE RATE OR RATES, WHICH MAY INCLUDE A VARIABLE RATE;

3.        OTHER TERMS ON THE NOTES;                         

4.        THE PRICE OR PRICES. AT WHICH THE NOTES WILL BE
SOLD, WHICH MAY BE AT, ABOVE, OR BELOW THE FACE VALUE OF THE NOTES: OR
THE MANNER OF DETERMINING THE PRICE OR PRICES AT WHICH THE NOTE WILL
BE SOLD;

               5. THE MANNER OF THE SALE OF THE NOTES, WHICH MAY

BE BY PRIVATE NEGOTIATION BY THE COUNTY WITH A PROSPECTIVE PURCHASER
OR PURCHASERS, IF DEEMED BY THE COUNTY TO BE FOR THE COUNTY'S BEST
INTEREST; AND

            6. THE TERMS OR CONDITIONS, IF ANY, UNDER WHICH

NOTES MAY OR SHALL BE REDEEMED PRIOR TO" THEIR STATED MATURITY.

(3) THE AUTHORIZING RESOLUTION MAY PROVIDE FOR:

           (I) THE ISSUANCE OF THE NOTES FROM TIME TO TIME IN SERIES,

AS FUNDS ARE REQUIRED; AND.                                           

- 1648 -

Ch. 222

1994 LAWS OF MARYLAND