Ch. 455 1997 LAWS OF MARYLAND

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1997.

Approved May 8, 1997.

CHAPTER 455
(House Bill 564)

AN ACT concerning

Dorchester County - Public School Capital Improvement Bonds

FOR the purpose of authorizing and empowering the County Commissioners of
Dorchester County, from time to time, to borrow not more than $3,200,000 in order
to finance, with certain restrictions, certain public school capital improvements in
Dorchester County, as herein defined, and to effect such 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; providing that nothing in this Act shall prevent the County from
authorizing the issuance and sale of bonds the interest on which is not excludable
from gross income for federal income tax purposes; and relating generally to the
issuance and sale of such bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That, as used herein, the term "County" means that body politic and
corporate of the State of Maryland known as the County Commissioners of Dorchester
County, and the term "public school capital improvements" means the cost of alteration,
construction, reconstruction, enlargement, expansion, extension, improvement,
rehabilitation, renovation, upgrading, equipping, and repair of public school facilities in
the County, including related costs for architectural, financial, legal, planning, or
engineering services, any finance charges or interest prior to or during such financings,
and any other costs or expenditures incurred by the County in connection therewith.

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 school capital
improvements 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, $3,200,000 and to evidence such borrowing by the issuance

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