Ch. 507

1994 LAWS OF MARYLAND

evidence its borrowing by the issuance and sale upon its full faith and credit of general
obligation bonds in like par amount, which may be issued at one time or from time to
time, in one or more groups or series, as the County may determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
pursuant to a resolution of the County which shall describe generally the public school
construction for which the proceeds of the bond sale are intended and the amount needed
for those purposes. The County shall have and is hereby granted full and complete
authority and discretion in the resolution to fix and determine with respect to the bonds
of any issue: the designation, date of issue, denomination or denominations, form or
forms and tenor of the bonds, which, without limitation, may be issued in registered form
within the meaning of Section 30 of Article 31 of the Annotated Code of Maryland as
effective from time to time; the rate or rates of interest payable thereon, or the method of
determining the same, which may include a variable rate; the date or dates of and amount
or amounts at maturity, which need not be in equal par amounts or in consecutive annual
installments, provided only that no bond of any issue shall mature later than 30 years
from the date of its issue; the manner of selling the bonds, which may be at either public
or private sale, for such price or prices as may be determined to be for the best interests
of the County; the manner of executing and sealing the bonds, which may be by facsimile;
the terms and conditions, if any, under which bonds may be tendered for payment or
purchase prior to their stated maturity; the terms or conditions, if any, under which bonds
may or shall be redeemed prior to their stated maturity; the place or places of payment of
the principal of and the interest on the bonds, which may be any bank or trust company
within or without the State of Maryland; covenants relating to compliance with applicable
requirements of federal income tax law, including, without limitation, covenants regarding
the payment of rebate or penalties in lieu of rebate; and generally all matters incident to
the terms, conditions, issuance, sale and delivery thereof.

The County may enter into agreements with agents, banks, fiduciaries, insurers, or
others for the purpose of enhancing the marketability of and security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds, all as may be determined and prescribed in the aforesaid resolution, which may
(but need not) state as security for the performance by the County of any monetary
obligations under such agreements the same security given by the County to bondholders
for the performance by the County of its monetary obligations under the bonds.

In case any officer whose signature appears on any bond ceases to be such officer
before delivery, the signature shall nevertheless be valid and sufficient for all purposes as
if the officer had remained in office until delivery. The bonds and their issue and sale
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland as effective from time to time.

If the County determines in the resolution to offer any of the bonds by solicitation
of competitive bids at public sale, the resolution shall fix the terms and conditions of the
public sale and shall adopt a form of notice of sale, which shall outline the terms and
conditions, and a form of advertisement, which shall be published in one or more daily or
weekly newspapers having a general circulation in the County and which may also be

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