Ch. 76

1997 LAWS OF MARYLAND

which is not excludable from gross income for federal income tax purposes; and
generally relating to the issuance and sale of the bonds by Frederick County.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means the body politic and
corporate of the State of Maryland known as the County Commissioners of Frederick
County, and the term "cost of public facilities" means the cost of construction and
reconstruction of capital projects, including but not limited to landfill projects, public
schools, roads, bridges, flood control projects, solid waste facilities, water and leachate
treatment facilities, libraries, and communication systems, and also including the
acquisition and development of property and the acquisition and installation of
equipment and furnishings, as well as 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 the public facilities described in
Section 1 of this Act, 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, $40,500,000
and to evidence such 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 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 Frederick
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 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 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.

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