WILLIAM DONALD SCHAEFER, Governor                         Ch. 507

CHAPTER 507
(Senate Bill 681)

AN ACT concerning

Dorchester County - Public School Construction Bonds

FOR the purpose of authorizing and empowering the Board of County Commissioners of
Dorchester County, from time to time, to borrow not more than $2,500,000 in order
to finance, with certain restrictions, public school construction in Dorchester
County, 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 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; empowering the County to issue
refunding bonds for the payment at maturity or redemption of bonds in advance of
maturity; empowering the County to issue interim certificates or temporary 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; providing that 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; 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 in this Act, the term "County" means that body politic and
corporate of the State of Maryland known as the Board of County Commissioners of
Dorchester County; and the term "public school construction" means the costs of
acquisition (including but not limited to the costs of acquiring rights, title, and interests in
real property, including easements, licenses, and any improvements thereto),
construction, equipping, and furnishing of a new public elementary school in Dorchester
County and the renovation, construction of an addition, repair, equipping, and furnishing
of Hurlock Elementary School in Dorchester County, including related costs for
architectural, financial, legal, planning, designing, or engineering services, any finance
charges or interest prior to or during such financing and any other costs or expenditures
incurred by the County in connection therewith.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized to finance any part or all of the public school construction 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, $2,500,000 and to

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