Ch. 157                                    1996 LAWS OF MARYLAND

SECTION 3. AND BE IT FURTHER ENACTED, That the bonds shall be issued
in accordance with a resolution of the County, which shall describe generally the
construction, improvement, or development of public 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 30 years from the date of its issue; the manner of selling
the bonds, which may be at either public or private sale, for such price or prices as may be
determined to be for the best interests of Carroll County; the manner of executing and
sealing the bonds, which may be by facsimile; the terms and conditions, if any, under
which bonds may be tendered for payment or purchase prior to their stated maturity; the
terms or conditions, if any, under which bonds may or shall be redeemed prior to their
stated maturity; the place or places of payment of the principal of and the interest on the
bonds, which may be at any bank or trust company within or without the State of
Maryland; covenants relating to compliance with applicable requirements of federal
income tax law, including (without limitation) covenants regarding the payment of rebate
or penalties in lieu of rebate; covenants relating to compliance with applicable
requirements of federal or state securities laws; and generally all matters incident to the
terms, conditions, issuance, sale, and delivery thereof.

The bonds may be made redeemable before maturity, at the option of the County, at
such price or prices and under such terms and conditions as may be fixed by the County
prior to the issuance of the bonds, either in the resolution or in subsequent resolutions.
The bonds may be issued in coupon or in registered form or both, and provision may be
made for the registration of the principal only, or of both principal and interest, of bonds
having coupons attached, and for the reconversion of bonds into coupon form if any bond
has been registered as to both principal and interest. In case any officer whose signature
appears on any bond or on any coupon attached thereto ceases to be such officer before
the delivery thereof, such signature shall nevertheless be valid and sufficient for all
purposes as if he had remained in office until such delivery. The bonds and the issuance
and sale thereof shall be exempt from the provisions of Sections 9, 10, and 11 of Article
31 of the Annotated Code of Maryland.

The County may enter into agreements with agents, banks, fiduciaries, insurers, or
others for the purpose of enhancing the marketability of any security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds, all as may be determined and presented in the aforesaid resolution, which may
(but need not) state as security for the performance by the County of any monetary
obligations under such agreements the same security given by the County to bondholders
for the performance by the County of its monetary obligations under the bonds.

If the County determines in the resolution to offer any of the bonds by solicitation
of competitive bids at public sale, the resolution shall fix the terms and conditions of the
public sale and shall adopt a form of notice of sale, which shall outline the terms and
conditions, and a form of advertisement, which shall be published in one or more daily or

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