Ch. 408

1996 LAWS OF MARYLAND

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 public schools and Cecil County Community College, including any
related architectural, financial, legal, planning, or engineering services.

SECTION 2. AND BE IT FURTHER ENACTED, That the County is hereby
authorized 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 County which shall describe generally the school public
school and community college 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 or private sale, for such price or prices as may be
determined to be for the best interests of Cecil County; the manner of executing 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; and
generally all matters incident to the terms, conditions, issuance, sale and delivery thereof.

The County may enter into agreements with agents, banks, fiduciaries, insurers or
others for the purpose of enhancing the marketability of and security for the bonds and
for the purpose of securing any tender option that may be granted to holders of the
bonds.

In case any officer whose signature appears on any bond ceases to be such officer
before delivery, the signature shall nevertheless be valid and sufficient for all purposes as
if the officer had remained in office until delivery. The bonds and their issue and sale
shall be exempt from the provisions of Sections 9, 10, and 11 of Article 31 of the
Annotated Code of Maryland.

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

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