H.B. 311

VETOES

(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 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 36 75 YEARS.

(D)     THE COUNTY, WITHOUT LIMITATION TO OR BY ITS OTHER BORROWING
POWERS, AND ACTING WITHIN THE APPLICABLE PROVISIONS OF THIS SECTION, MAY
BORROW MONEY FOR ANY LAWFUL, PUBLIC PURPOSE, ON THE SECURITY OF
PAYMENT, INCLUDING TAXES, REVENUES, GRANTS OR OTHER STATED SOURCES OF
FUNDS AS THE COUNTY BY RESOLUTION DETERMINES, INCLUDING REFUNDING
ANY OBLIGATIONS OUTSTANDING FROM TIME TO TIME.

(E)     THE BORROWING POWERS GRANTED TO THE COUNTY IN THIS SECTION
ARE SUPPLEMENTAL AND IN ADDITION TO ANY OTHER BORROWING POWERS
WHICH HAVE BEEN OR MAY BE GRANTED TO THE COUNTY.

10-17.

(A)     (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2)      "COUNTY" HAS THE MEANING STATED IN § 10-16 OF THIS CHAPTER.

(3)      "PUBLIC FACILITY INVESTMENT" HAS THE MEANING STATED IN §
10-16 OF THIS CHAPTER.

(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

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