WILLIAM DONALD SCHAEFER, Governor

Ch. 283

CHAPTER 283
(House Bill 542)

AN ACT concerning

Carroll County - Bond Authorization - Carroll County General Hospital, Inc.

FOR the purpose of authorizing and empowering the County Commissioners of Carroll
County, from time to time, to borrow not more than $10,850,000 for the purpose of
lending the proceeds of the borrowing to the Carroll County General Hospital, Inc.,
upon such terms and conditions as may be determined by the County, which
proceeds are to be used to finance the cost of certain hospital facilities, including
but not limited to the construction, renovation, equipping and improvement of
existing and new facilities, all as herein defined, and to effect such 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 enter into agreements for the purpose of enhancing the
marketability of and security for the bonds and for the purpose of securing any
tender option; empowering the County to issue refunding bonds for the payment at
maturity or the purchase or redemption of bonds in advance of maturity;
empowering the County, by resolution, to enter into a loan agreement with Carroll
County General Hospital, Inc., and related security agreements; empowering and
directing the County to levy, impose and collect, annually, ad valorem taxes in rate
and amount which, along with payments from Carroll County General Hospital, Inc.
pursuant to the loan agreement and State and federal allotments, if any, will
provide sufficient funds for the payment of the maturing principal of and interest on
the bonds; exempting the bonds and refunding bonds, and the interest thereon and
any income derived therefrom, from all State, county, municipal and other taxation
in the State of Maryland; and generally relating to the issuance and sale of such
bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used in this Act, the term "County" means that body politic and
corporate of the State of Maryland known as the County Commissioners of Carroll
County, the term "Hospital" means Carroll County General Hospital, Inc., the term
"Loan Agreement" means the agreement between the County and the Hospital pursuant
to which the County shall finance the cost of construction or acquisition of certain
hospital facilities and the Hospital shall make certain payments in consideration of which,
and the term "construction or acquisition of hospital facilities" means those costs of
acquisition, alteration, construction, reconstruction, enlargement, equipping, expansion,
extension, improvement, rehabilitation, renovation, upgrading and repair of hospital
buildings and facilities of the Hospital, including but not limited to the costs of acquiring
or mortgaging land or interests in land as well as any related architectural, financial, legal,
planning or engineering services, any finance charges or interest prior to or during such
construction or acquisition and any other expenses necessary or incident to the project or
the financing thereof.

- 1795 -