PARRIS N. GLENDENING, Governor

H.B. 311

INVESTMENT OR FOR ANY LAWFUL, PUBLIC PURPOSE AS SET FORTH IN SUBSECTION
(D) OF THIS SECTION, OR TO PAY FOR ANY LAWFUL GOVERNMENTAL EXPENSES, IN
ANTICIPATION OF THE RECEIPT OF TAXES LEVIED, 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, NOTES IN ANTICIPATION OF
OTHER SOURCES OF REVENUE, 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 MADE 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 SHALL SO SPECIFY, THE NOTES MAY BE SOLD AT PRIVATE SALE
WITHOUT ADVERTISEMENT OR PUBLICATION OF NOTICE OR SALE OR SOLICITATION
OF COMPETITIVE BIDS, ANY PUBLIC GENERAL OR PUBLIC LOCAL LAW TO THE
CONTRARY NOTWITHSTANDING;

(3)      IF THE NOTES SO STATE, THE ISSUANCE OF THE NOTES 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. 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, WITHOUT LIMITATION AS
TO RATE OR AMOUNT, NOTWITHSTANDING THE LIMITATION OF ANY OTHER LAW;

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

(5)      THE BORROWINGS INCURRED BY THE COUNTY UNDER THIS
SECTION SHALL ALL BE REPAID WITHIN 4 MONTHS FROM THE EXPIRATION OF THE
FISCAL YEAR IN WHICH THE NOTES ARE ISSUED.

(D)     THE COUNTY, WITHOUT LIMITATION TO OR BY ITS OTHER BORROWING
POWERS, AND ACTING UNDER AND 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.

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