Ch. 549

1995 LAWS OF MARYLAND

(4) ALL BONDS SHALL BE SOLD IN THE MANNER, EITHER AT PUBLIC OR
PRIVATE SALE, AND UPON THE TERMS AS THE GOVERNING BODY OF THE COUNTY
DEEMS BEST. ANY CONTRACT FOR THE ACQUISITION OF PROPERTY MAY PROVIDE
THAT PAYMENT SHALL BE MADE IN BONDS. BONDS ISSUED UNDER THIS SECTION
ARE NOT SUBJECT TO ARTICLE 31, §§ 9, 10, AND 11 OF THE CODE.

(J) BONDS ISSUED UNDER THIS SECTION ARE SECURITIES:

(1) IN WHICH ALL PUBLIC OFFICERS AND PUBLIC BODIES OF THE STATE
AND ITS POLITICAL SUBDIVISIONS, ALL INSURANCE COMPANIES, STATE BANKS AND
TRUST COMPANIES, NATIONAL BANKING ASSOCIATIONS, SAVINGS BANKS, SAVINGS
AND LOAN ASSOCIATIONS, INVESTMENT COMPANIES, EXECUTORS,
ADMINISTRATORS, TRUSTEES AND OTHER FIDUCIARIES MAY PROPERLY AND
LEGALLY INVEST FUNDS, INCLUDING CAPITAL IN THEIR CONTROL OR BELONGING
TO THEM; AND

(2) WHICH MAY PROPERLY AND LEGALLY BE DEPOSITED WITH AND
RECEIVED BY ANY STATE OR COUNTY OFFICER OR ANY AGENCY OR POLITICAL
SUBDIVISION OF THE STATE FOR ANY PURPOSE FOR WHICH THE DEPOSIT OF BONDS
OR OBLIGATIONS OF THE STATE IS NOW OR MAY HEREAFTER BE AUTHORIZED BY
LAW.

(K) THE POWERS GRANTED UNDER THIS SECTION SHALL BE REGARDED AS
SUPPLEMENTAL AND ADDITIONAL TO POWERS CONFERRED BY OTHER LAWS, AND
MAY NOT BE REGARDED AS IN DEROGATION OF ANY POWERS NOW EXISTING.

(L) THIS SECTION, BEING NECESSARY FOR THE WELFARE OF THE STATE AND
ITS RESIDENTS, SHALL BE LIBERALLY CONSTRUED TO EFFECT THE PURPOSE
STATED IN SUBSECTION (B)(2) OF THIS SECTION.

(M) NOTWITHSTANDING THE PROVISIONS OF THE CHARTER, BYLAWS, OR
CODE OF THE COUNTY, BEFORE ADOPTING AN ORDINANCE OR RESOLUTION THAT
DESIGNATES A SPECIAL TAXING DISTRICT, AUTHORIZES THE ISSUANCE OF BONDS,
OR LEVIES AD VALOREM TAXES OR SPECIAL TAXES UNDER THE PROVISIONS OF
THIS SECTION MAY BE FINALLY ENACTED, THE COUNTY GOVERNING BODY SHALL
HOLD A PUBLIC HEARING AFTER GIVING NOT LESS THAN 10 DAYS NOTICE IN A
NEWSPAPER OF GENERAL CIRCULATION IN THE COUNTY.

(N) (1) AS AN ALTERNATIVE TO LEVYING AD VALOREM TAXES UNDER THIS
SECTION, THE GOVERNING BODY OF THE COUNTY MAY LEVY SPECIAL TAXES ON
PROPERTY IN A SPECIAL TAXING DISTRICT TO COVER THE COST OF
INFRASTRUCTURE IMPROVEMENTS.

(2) IN DETERMINING THE BASIS FOR AND AMOUNT OF THE TAX, THE
COST OF AN IMPROVEMENT MAY BE CALCULATED AND LEVIED:

(I) EQUALLY PER FRONT FOOT, LOT, PARCEL, DWELLING UNIT,
OR SQUARE FOOT;

(II) ACCORDING TO THE VALUE OF THE PROPERTY AS
DETERMINED BY THE GOVERNING BODY, WITH OR WITHOUT REGARD TO
IMPROVEMENTS ON THE PROPERTY; OR

- 3200 -