WILLIAM DONALD SCHAEFER, Governor                            Ch. 624

(I)       REALIZING SAVINGS TO BALTIMORE CITY IN THE AGGREGATE
COST OF DEBT SERVICE ON EITHER A DIRECT COMPARISON OR PRESENT VALUE
BASIS; OR

(II)     DEBT RESTRUCTURING THAT:

1.        IN THE AGGREGATE EFFECTS SUCH A REDUCTION IN THE
COST OF DEBT SERVICE; OR

2.        IS DETERMINED BY THE BOARD OF FINANCE OR THE
MAYOR AND CITY COUNCIL OF BALTIMORE TO BE IN THE BEST INTEREST OF
BALTIMORE CITY, TO BE CONSISTENT WITH BALTIMORE CITY'S LONG-TERM
FINANCIAL PLAN, AND TO REALIZE A FINANCIAL OBJECTIVE OF BALTIMORE CITY,
INCLUDING, WITHOUT LIMITATION, IMPROVING THE RELATIONSHIP OF DEBT
SERVICE TO A SOURCE OF PAYMENT SUCH AS TAXES, ASSESSMENTS, OR OTHER
CHARGES.

(3)      ANY REFUNDING BONDS AUTHORIZED TO BE ISSUED AND SOLD
UNDER THE PROVISIONS OF THIS SECTION MAY BE ISSUED IN WHATEVER
PRINCIPAL AMOUNT SHALL BE REQUIRED TO ACHIEVE THE PURPOSE FOR THE
ISSUANCE OF THE REFUNDING BONDS, WHICH AMOUNT MAY BE IN EXCESS OF THE
PRINCIPAL AMOUNT OF THE BONDS REFUNDED OR THE MAXIMUM PRINCIPAL
AMOUNT OF BONDS AUTHORIZED TO BE ISSUED UNDER SUBSECTION (F)(4)(I) OF
THIS SECTION.

(4)      ANY REFUNDING BONDS AUTHORIZED TO BE ISSUED AND SOLD
UNDER THE PROVISIONS OF THIS SECTION MAY BE ISSUED TO MATURE ON SUCH
DATES AND IN SUCH AMOUNTS AS THE BOARD OF FINANCE MAY DETERMINE;
PROVIDED THAT THE ENTIRE PRINCIPAL AMOUNT REPRESENTED BY THE
REFUNDING BONDS SHALL BE DISCHARGED NOT MORE THAN 40 YEARS FROM THE
DATE OF ISSUANCE OF THE BONDS BEING REFUNDED.

(5)      ANY REFUNDING BONDS AUTHORIZED TO BE ISSUED AND SOLD
UNDER THE PROVISIONS OF THIS SECTION MAY BE SOLD AT PUBLIC SALE BY THE
SOLICITATION OF COMPETITIVE BIDS OR AT PRIVATE (NEGOTIATED) SALE
WITHOUT ADVERTISEMENT OR SOLICITATION OF COMPETITIVE BIDS, FOR A PRICE
OR PRICES WHICH MAY BE AT, ABOVE, OR BELOW THE PAR VALUE OF THE
REFUNDING BONDS, AS DETERMINED BY RESOLUTION OF THE BOARD OF FINANCE
OF THE MAYOR AND CITY COUNCIL OF BALTIMORE. IF THE BOARD OF FINANCE
DETERMINES TO SELL THE REFUNDING BONDS AT PUBLIC SALE, THE REFUNDING
BONDS SHALL BE SOLD TO THE HIGHEST RESPONSIBLE BIDDER OR BIDDERS
THEREFOR AFTER DUE NOTICE OF SUCH SALE, BUT THE MAYOR AND CITY COUNCIL
OF BALTIMORE, ACTING BY AND THROUGH THE BOARD OF FINANCE THEREOF,
SHALL HAVE THE RIGHT TO REJECT ANY OR ALL BIDS THEREFOR FOR ANY REASON.

(6)      ANY REFUNDING BONDS AUTHORIZED TO BE ISSUED AND SOLD
UNDER THE PROVISIONS OF THIS SECTION SHALL BEAR INTEREST AT SUCH RATE
OR RATES AS MAY BE DETERMINED BY THE BOARD OF FINANCE OF THE MAYOR
AND CITY COUNCIL OF BALTIMORE, WHICH RATE OR RATES MAY BE FIXED OR

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