Ch. 522

1995 LAWS OF MARYLAND

(B)     NOTWITHSTANDING ANY OTHER PROVISION OF LAW, THE COUNTY
SHALL HAVE POWER AND AUTHORITY, FROM TIME TO TIME, TO BORROW MONEY
AND INCUR INDEBTEDNESS IN ORDER TO FINANCE ANY PUBLIC FACILITY
INVESTMENT OR FOR ANY OTHER LAWFUL, PUBLIC PURPOSE AS SET FORTH IN
SUBSECTION (D) OF THIS SECTION, AND TO EVIDENCE THE BORROWING OR
INDEBTEDNESS BY THE ISSUANCE OF ITS PROMISSORY NOTES OR ANY OTHER
INSTRUMENT OF INDEBTEDNESS TO ANY BANKING INSTITUTION, OR BY THE
ISSUANCE OF ITS TAX ANTICIPATION NOTES, ITS BOND ANTICIPATION NOTES, NOTES
IN ANTICIPATION OF OTHER SOURCES OF REVENUE OR ITS GENERAL-OBLIGATION
BONDS, WITHOUT LIMITATION AS TO THE RATE OF INTEREST, IN ACCORDANCE
WITH THE PROVISIONS OF THIS SECTION.

(C)     ANY INSTRUMENT OF INDEBTEDNESS ISSUED UNDER THIS SECTION
SHALL BE ISSUED, SOLD, AND DELIVERED IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF A RESOLUTION OR RESOLUTIONS PASSED BY THE COUNTY
COMMISSIONERS, SUBJECT TO THE FOLLOWING PROVISIONS, CONDITIONS, AND
EXCEPTIONS:

(1)      AN ISSUE OF NOTES OR BONDS PURSUANT TO THIS SECTION DOES
NOT REQUIRE A REFERENDUM, AND THE PROVISIONS OF ARTICLE 31, §§ 9, 10, AND 11
OF THE ANNOTATED CODE OF MARYLAND DO NOT APPLY;

(2)      IF THE RESOLUTION OR RESOLUTIONS AUTHORIZING THE
ISSUANCE OF NOTES OR BONDS SHALL SO SPECIFY, THE NOTES OR BONDS MAY BE
SOLD:

(I)       FOR A PRICE, AT, ABOVE, OR BELOW PAR, TO BEAR INTEREST
AT A REASONABLE RATE; AND

(II)     AT PRIVATE SALE WITHOUT ADVERTISEMENT OR
PUBLICATION OF NOTICE OF SALE OR SOLICITATION OF COMPETITIVE BIDS, ANY
PUBLIC GENERAL OR PUBLIC LOCAL LAW TO THE CONTRARY NOTWITHSTANDING;

(3)      IF THE BONDS OR NOTES SO STATE, THE ISSUANCE OF THE NOTES
OR BONDS SHALL CONSTITUTE A PLEDGE OF THE FULL FAITH AND CREDIT OF THE
COUNTY TO THE PROMPT PAYMENT, FROM AD VALOREM TAXATION AND OTHER
REVENUES, WHICH MAY BE DESCRIBED IN THE AUTHORIZING RESOLUTION OR
RESOLUTIONS, OF THE PRINCIPAL OF AND INTEREST ON THE NOTES OR BONDS. THE
COUNTY SHALL ANNUALLY LEVY UPON ALL REAL AND TANGIBLE PERSONAL
PROPERTY WITHIN ITS CORPORATE LIMITS AD VALOREM TAXES SUFFICIENT TO
PROVIDE FOR THE PAYMENT OF THE MATURING PRINCIPAL OF AND INTEREST ON
THE NOTES OR BONDS, WITHOUT LIMITATION AS TO RATE OR AMOUNT,
NOTWITHSTANDING THE LIMITATION OF ANY OTHER LAW;

(4)      THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF BORROWING
PURSUANT TO THIS SECTION MAY NOT EXCEED THE SUM OF $1,000,000 IN. ANY ONE
FISCAL YEAR OF THE COUNTY; AND

(5)      ANY INSTRUMENT OF INDEBTEDNESS ISSUED UNDER THIS SECTION
SHALL MATURE AT A TIME NOT EXCEEDING 15 YEARS.

- 2974 -