PARRIS N. GLENDENING, Governor

H.B. 1066

House Bill No. 1066

AN ACT concerning

Cecil County - Public School Bonds

FOR the purpose of authorizing and empowering the County Commissioners of Cecil
County from time to time, to borrow not more than $9,000,000 in order to finance
the cost of certain school facilities in Cecil County and to effect that borrowing by
the issuance and sale at public or private sale of its general obligation bonds in like
par amount; empowering the County to fix and determine, by resolution, the form,
tenor, interest rate or rates, or method of determining the same, terms, conditions,
maturities, and all other details incident to the issuance and sale of the bonds;
empowering the County to issue refunding bonds for the purchase or redemption of
bonds in advance of maturity; empowering and directing the County to levy, impose,
and collect, annually, ad valorem taxes in rate and amount sufficient to provide
funds for the payment of the maturing principal of and interest on the bonds;
exempting the bonds and refunding bonds, and the interest thereon and any income
derived therefrom, from all State, county, municipal, and other taxation in the State
of Maryland; and relating generally to the issuance and sale of the bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used in this Act, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Cecil County;
and the term "school facilities" means the costs of planning, designing, renovation,
repair, reconstruction and construction projects and other capital improvements to Cecil
County schools, including any related architectural, financial, legal, planning, or
engineering services.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized:

(a) To to finance any part or all of the costs of school facilities and to borrow
money and incur indebtedness for that purpose, at one time or from time to time, in an
amount not exceeding, in the aggregate, $9,000,000 and to evidence its borrowing by the
issuance and sale upon its full faith and credit of general obligation bonds in like par
amount, which may be issued at one time or from time to time, in one or more groups or
series, as the County may determine.

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
pursuant to a resolution of the Board County which shall describe generally the school
facilities for which the proceeds of the bond sale are intended and the amount needed for
those purposes. The County shall have and is hereby granted full and complete authority
and discretion in the resolution to fix and determine with respect to the bonds of any
issue: the designation, date of issue, denomination or denominations, form or forms and
tenor of the bonds; the rate or rates of interest payable thereon, or the method of
determining the same, which may include a variable rate; the date or dates and amount or
amounts of maturity, which need not be in equal par amounts or in consecutive annual
installments, provided only that no bond of any issue shall mature later than 15 years
from the date of its issue; the manner of selling the bonds, which may be at either public

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